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Panasonic acquires Hussmann for $1.54 billion
Panasonic Corporation has acquired Hussmann Corporation, a US-based manufacturer of refrigerated display cases and systems.
Panasonic has signed an agreement to acquire 100% of the shares of Hussmann Group including Hussmann Corporation in April of 2016. This agreement will allow Panasonic to expand its display case business and food distribution solutions business in the United States, which is the biggest market for refrigerated and freezer display cases, as well as countries and regions around the U.S. and further to Australia and New Zealand. This acquisition will enable the combination of Hussmann's strengths in customer relationship, maintenance and services with Panasonic's technology and product lineup. Panasonic will use this synergy to drive growth and further innovation on a global basis. Panasonic will use its own funds to acquire Hussmann for USD 1.545 billion dollars (approximately 185.4 billion yen). After the transaction, which is expected to be completed on April 1st of 2016, Panasonic Group will own 100% of Hussmann’s shares. Hussmann will serve as the base of Panasonic’s food distribution business in North America and its major markets. Hussmann's current management team will stay in place to manage the acquired company under Panasonic’s guidance. The Hussmann name and brand will continue to be used.