|
Panasonic, like several domestic peers, has been moving away
from unprofitable smartphones and plasma television sets,
focusing instead on higher margin products, such as high-end
cold storage, LED lighting and remote monitoring.
Under the deal, announced on Monday after a Reuters report,
Panasonic will buy full control of Hussmann from private equity
firm Clayton, Dubilier & Rice, the majority owner, and
industrial group Ingersoll Rand, which retains a 36.7 percent
stake after selling off a stake in 2011.
Panasonic has said it is targeting 2.5 trillion yen of sales
from its offerings for businesses, rather than consumers, in
2018, 300 billion of which will come from food distribution. To
date, it has mostly been present in Asia, and has sought ways to
break into the United States, the industry's largest market.
"We want to make (this acquisition) a trigger to accelerate our
global business," Kazuhiro Tsuga, Panasonic Chief Executive,
told reporters at a news conference. "We are likely to actively
pursue overseas acquisitions."
Hussmann, which will become a fully-owned subsidiary of
Panasonic, has a leading share in the U.S. market, manufacturing
and maintaining refrigerated and freezer display cases.
(Additional reporting by Taro Fuse; Editing by Clara Ferreira
Marques and David Evans)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed. |
|
