Panasonic Announces That It Makes Firepro Systems Private Limited (India) Its Sub-Subsidiary Through Share Acquisition
11 Maggio 2012 - 8:00AM
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)
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