OSAKA, Japan--(BUSINESS WIRE)--Panasonic Corporation (NYSE:PC)(TOKYO:6752)("Panasonic"）today announced to acquire shares of Firepro Systems Private Limited (India).
There shall be no material effect on the financial results of Panasonic for fiscal year ending March 31, 2013.
For further detail, please see the attached.
Panasonic to Acquire Shares of Firepro Systems Private Limited (India)
Osaka, Japan, May 11, 2012 - Panasonic Corporation (NYSE:PC)(TOKYO:6752)("Panasonic") today announced that its Board of Directors has decided to acquire shares of the unlisted company, Firepro Systems Private Limited ("Firepro") and to enter into an agreement of subscriptions of allocation of new shares to a third party with its consolidated subsidiary, Anchor Electricals Private Limited ("Anchor").
1. Purpose of the Acquisition
Panasonic are pursuing the following three aims: (1) from existing to
new fields such as energy, (2) from Japan-oriented to globally-oriented,
and (3) from individual product-oriented to solutions- and
systems-oriented in order to achieve its transformation into the No.1
Green Innovation Company in the Electronics Industry, the vision looking
to the 100th anniversary of its founding.
Based on this policy, the Company has worked to expand its performance in construction-related industries in the Indian market, centering on Anchor. Anchor is a top wiring device manufacturer in India with a robust sales network and brand strength and has built a firm position in electrical construction materials for housing in particular.
Going forward, the Company will aim to realize further growth by capital participation in Firepro to expand into "non-residential" areas including offices, buildings, commercial facilities. Firepro has a strong network with customers such as major IT corporations and local developers and high engineering capabilities in the Indian market.
By Making use of these management resources, the Company will expand a solution business providing the Panasonic group's wide range of products, installation and maintenance services.
2. Outline of the Acquisition
Panasonic will acquire a portion of Firepro's ordinary shares owned by existing shareholders while Anchor increases its capital by a third party allocation of shares. As a result, Panasonic will own 76.2% of Firepro's shares, including its shares owned by Anchor. After the acquisition, the existing shareholders will continue to take a 23.8% stake in the Firepro.
3. Future Schedule
Closing process will be scheduled in late May, 2012
4. Corporate Profile of Firepro
|(1) Company Name:||Firepro Systems Private Limited|
|(2) Head Office Location:||Bangalore, Republic of India|
|(3) Year of Establishment:||1992|
|(4) Representative:||N S Narendra (Chairman & Managing Director)|
|(5) Business Bases:||14 bases (in India) 8 subsidiaries (as of June 30, 2011)|
|(6) Principal Business:||Engineering, installation and maintenance management service of disaster prevention / security|
|(7) Employee:||600 (as of Apr. 31, 2012)|
|(8) Stated Capital:||1.56 billion rupees (approx. 2.5 billion yen) (as of June 30, 2011)|
5. Corporate Profile of Anchor
|(1) Company Name:||Anchor Electricals Private Limited|
|(2) Head Office Location:||Mumbai, Republic of India|
|(3) Year of Establishment:||1963|
|(4) Representative:||Harumasa Furutani (Chairman & Managing Director)|
|(5) Business Bases:||40 bases (in India) (incl. 4 factories) (as of Mar. 31, 2012)|
|(6) Principal Business:||Manufacture and sale of electrical construction materials such as wiring devices, breakers, electric cables, lighting fixtures, lamps and fans.|
|(7) Employee:||10,004 (as of Mar. 29, 2012)|
|(8) Sales:||13.0 billion rupees (approx. 21.7 billion yen)|
|(for the fiscal year ended March 31, 2012)|
|(9) Stated Capital:||4.38 billion rupees (approx. 7.0 billion yen) (as of Mar. 31, 2012)|