The group also unveiled plans to invest about 857 million dollars to expand its semiconductor production facilities.
Matsushita's name change will take effect from October, provided that shareholders give their approval, the group announced.
"The company will unify all the divisions of the domestic and global Markets under the brand name Panasonic," group president Fumio Otsubo told a press conference.
"Our objective is to summon all the strengths of the group under the single brand name of Panasonic and to increase the value of the Panasonic brand," he said.
The group, founded by entrepreneur Konosuke Matsushita in 1918 in the western city of Osaka, also makes products under other brands including National, which it first attached to bicycle lamps in 1927.
The group will ditch the National brand, which is mainly used for home appliances such as washing machines and refrigerators sold in Japan.
Matsushita introduced the Panasonic brand for international Markets in 1955 and it is now widely recognized overseas.
The name change "is a bold step forward to make the company a truly global corporation," Matsushita said in a statement.
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