TOKYO – Some 90 years after its founding, Matsushita Electric Industrial Co. is shedding its eponymous name.

As of Oct. 1, Japan’s second-largest technology company will officially assume the name Panasonic Corp., a nod to its global brand.

President Fumio Ohtsubo said the decision was difficult, but that the brand will benefit from shedding the original name for the better-known moniker.

The name change will become effective Oct. 1, pending shareholder approval.

Matsushita was founded in 1918 by then 23-year-old Konosuke Matsushita.

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