Japanese electronics powerhouse Panasonic announced on Tuesday that it will cease its role as a major sponsor of the Olympics and Paralympics, citing “management considerations.”
The company has reached an agreement with the International Olympic Committee (IOC) not to renew their sponsorship contract when it expires in December.
Panasonic became an “official Worldwide Partner of the Olympic Games” in 1987 and extended its sponsorship to include the Paralympics starting in 2014, according to the company’s statement.
However, it chose to let the contract lapse “as the group continuously evaluates how sponsorship should adapt in light of broader management considerations.”
This decision aligns with Panasonic’s increased focus on vehicle-related products, such as batteries for electric vehicles, although consumer electronics continue to be its primary business area.
