Breaking News

Asia Today ISSN 1861-4604 Thursday, May 24, 2018

Headline

Panasonic acquiring US refrigeration business Hussmann for $1.5 bn

Panasonic has signed an agreement with Hussmann

Share on Facebook December 21, 2015, Reporter : BigNewsNet, Reader : 513

PHOTO CREDIT: BNN/Reuters news

OSAKA - Japan's electronics giant Panasonic Corporation Monday entered into an agreement to acquire Missouri-based manufacturer of refrigerated display cases and systems Hussmann Corporation, for 185.4 billion yen ($1.5 billion), marking its entry into US food distribution business.

Panasonic has signed an agreement with Hussmann Parent Inc., the Delaware-based parent of Hussmann, and majority share holder New York based private equity firm Clayton, Dubilier and Rice, LLC , and industrial group Ingersoll Rand, which currently has a 36.7% stake., for acquiring 100% of the shares of Hussmann Group including Hussmann Corporation in April 2016.

"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."

This agreement will allow Panasonic to expand its display case business and food distribution solutions business in the United States, 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, Panasonic said in a statement.

The acquisition is part of Panasonic plans to broad base its business interests to meet its target of generating sales of 2.5 trillion yen in B2B solutions in 2018, of which 300 billion yen is expected to come from the food distribution solutions business.

The company has been promoting its energy-efficient and environmentally- conscious refrigerated and freezer display cases for supermarkets and convenience stores -- one of its main products in the food distribution solutions business -- mainly in Japan, China and other parts of Asia where it has established a market. Hussmann is a market leader in all of Panasonics current major markets.

Through the strategic acquisition, Panasonic will be able to combine Hussmann's strengths in customer relationship, maintenance and services with its own wide-ranging technology and product lineup, stated Panasonic, which is planning further innovation on a global basis.

Panasonic plans to use its own funds to acquire Hussmann.

After the completion of the transaction, which is expected by April 1, 2016, subject to approval from competition authorities in the United States and other countries as required by law, 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 continue at the helm under Panasonic's guidance. The Japanese multinational plans to retain Hussmann name and brand once it becomes its new wholly owned subsidiary..> BigNewsNet

More Euro Asia news of the month

Photos Japan wants to construct world’s tallest wooden skyscraper

TOKYO, Japan - As the Japanese company, Sumitomo Forestry marks its 350th anniversary in the year 2041 - it is aiming to unveil its...

Photos Tochinoshin grabs sole lead as Kakuryu loses again

Tochinoshin snatched a one-match lead Thursday after yokozunaKakuryu suffered his second loss in as many days at the New Year Grand Sumo...

Photos For the first time in years, snow alert issued in Japan

TOKYO, Japan - For the first time in four years, Japan Weather Agency has issued a ‘Heavy Snow’ alert, warning that there...

Photos Japanese police recover more dead bodies from capsized boat

TOKYO, Japan - On Tuesday, the Japanese police recovered seven bodies from a wooden boat, with indications that the boat likely came...

Photos Panasonic develops two-passenger automatic driving vehicle

Fukui [Japan], December 8. (ANI): Japanese electronic giant Panasonic has developed a two-passenger compact vehicle equipped with its...

Photos Japan’s Toray admits to more cases of data falsification

TOKYO, Japan - In a damning admission, Japan’s Toray Industries on Tuesday revealed 149 cases of quality data falsification at a...

Photos North Korean fishermen mysteriously wash ashore in Japan

TOKYO, Japan - Japanese police said that they had arrested eight men from a boat that washed ashore the coast in Japan. The police...

Photos Ardent Pokémon Go fans catch 500 million Pokémon in two days

TOKYO, Japan - In a bid to reignite the global craze about the game that lets players go to lengths for region-locked pocket monsters,...

Photos Japan Deepens Economic Support for Philippines in Rivalry With China

TAIPEI, TAIWAN - Japan is deepening its influence in the Philippines to vie with regional rival China, a welcome boost for an...

Flying Reimagined

Stock Index

Thursday, May 24, 2018

Life Style

Photo Gallery

FEUILLETON