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© kritchanut dreamstime.com Business | March 29, 2017

Panasonic ups ownership in Ficosa

Panasonic currently has a 49 percent stake in the issued shares of Ficosa, and this acquisition of an additional 20 percent of shares will make Ficosa International, S.A. a consolidated subsidiary of Panasonic.
In order to complete this transaction, other general preconditions and conditions need to be met, including obtaining approval from European and other relevant authorities.

Senior Managing Director Yoshio Ito of Panasonic commented: Panasonic and Ficosa hold each steadfast management philosophy, so we can expect to benefit from the synergy of the business partnership between both companies not only in manufacturing electronic mirror systems, but also in developing technology to create a connected car. We will accelerate development by drawing on our respective strengths; I firmly believe this will enable us to realize a strategy for further growth.

CEO Javier Pujol of Ficosa emphasised the strategic importance of this transaction: "In recent years, at Ficosa, we have made important efforts to carry out a profound technology transformation based on developing products with greater value added in electronics and software. Nevertheless, the technological transformation that draws the current transition of the automobile is enormous and requires great investments. Therefore, Panasonic's support is key to speed up synergies between both companies, consolidate our industrial project and gain the necessary critical mass to lead the transition of the automobile market in vehicle connectivity, autonomous driving, safety systems for increasingly assisted driving and e-mobility".
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December 13 2018 1:08 pm V11.10.14-1