was a Japanese
inventor
An invention is a unique or novel device, method, composition, idea or process. An invention may be an improvement upon a machine, product, or process for increasing efficiency or lowering cost. It may also be an entirely new concept. If an ...
and industrialist who founded
Sanyo Electric Co., Ltd. Prior to the founding of Sanyo, he played an influential role in the growth and development of
Matsushita Electric Works, working closely alongside his brother-in-law and lifetime confidant,
Konosuke Matsushita.
Early life
The son of a sailor from
Awaji Island, Iue initially followed his father's footsteps as a sailor's apprentice. When a ship he was on exploded, with Toshio barely escaping with his life, he took a job at an electric plant run by
Konosuke Matsushita, who was married to one of Toshio's sisters. During his tenure at the company, he became an expert salesman, convincing wary resalers of the quality of
Matsushita's electric products, which were from Osaka, in an era where most electric goods in Japan were made in Tokyo.
Career at Matsushita
After serving in the Japanese military, Iue came back to Japan and became Konosuke's brother-in-law once again when he married Mumeno Matsushita. Iue then took the lead in building a wooden boat factory for Matsushita upon request of the Japanese military during
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
. Upon Japan's defeat in the war, the General Headquarters of Allied Forces requested a change in the management of Matsushita, with one of its senior executives required to step down. Iue decided to step down so that Matsushita could continue as the head of the company.
Founding of Sanyo
After his resignation from Matsushita, Iue was summoned to the office of the president of
Sumitomo Bank
was a major Japanese bank based in Osaka and a central component of the Sumitomo Group. It merged with Sakura Bank on April 1, 2001 to form Sumitomo Mitsui Banking Corporation.
History
Sumitomo Bank was established as a private enterprise ...
after an ill-timed loan to acquire shares in Matsushita, which had become close to worthless after Japan's defeat. The bank president forgave Iue's debt, and knowing his prior talent working at Matsushita, offered him starting capital for a new business.
Konosuke Matsushita would lend Iue an unused plant in
Hyogo Prefecture, where he followed in his brother-in-law's footsteps by initially making bicycle lamps and captured 60% of the Japanese market. He named his firm
Sanyo
, stylized as SANYO, is a Japanese electronics company and formerly a member of the Fortune Global 500, ''Fortune'' Global 500 whose headquarters was located in Moriguchi, Osaka, Moriguchi, Osaka prefecture, Japan. Sanyo had over 230 subsidiari ...
, meaning "three oceans" in Japanese, hoping that he would be able to sell his products across the
Indian
Indian or Indians may refer to:
Peoples South Asia
* Indian people, people of Indian nationality, or people who have an Indian ancestor
** Non-resident Indian, a citizen of India who has temporarily emigrated to another country
* South Asia ...
,
Pacific
The Pacific Ocean is the largest and deepest of Earth's five oceanic divisions. It extends from the Arctic Ocean in the north to the Southern Ocean (or, depending on definition, to Antarctica) in the south, and is bounded by the continen ...
and
Atlantic
The Atlantic Ocean is the second-largest of the world's five oceans, with an area of about . It covers approximately 20% of Earth's surface and about 29% of its water surface area. It is known to separate the " Old World" of Africa, Europe an ...
Oceans. The growing demand for home appliances and washing machines would fuel Sanyo's growth through the 1950s.
Later life
Iue retired and handed the presidency of Sanyo to his brother in 1968. During his retirement, he worked to promote development of Awaji Island and died in 1969. After a series of unprofitable quarters, Sanyo's story would go full circle as it was acquired in 2009 by
Panasonic Corporation
formerly between 1935 and 2008 and the first incarnation of between 2008 and 2022, is a major Japanese multinational conglomerate corporation, headquartered in Kadoma, Osaka. It was founded by Kōnosuke Matsushita in 1918 as a lightbulb s ...
, the firm where Iue originally worked at alongside his brother-in-law, Konosuke Matsushita.
Family tree
External links
The Life and Times of Toshio Iue - Founder of Sanyo at Panasonic's website
{{DEFAULTSORT:Iue, Toshio
1902 births
1969 deaths
20th-century Japanese businesspeople
Panasonic
People from Hyōgo Prefecture
20th-century Japanese inventors
Place of birth missing
Place of death missing