Panasonic has completed its previously-announced acquisition of additional shares in Ficosa after satisfying all conditions to close the transaction on 4 July.
The supplier has acquired an additional 20% of Ficosa’s issued shares held by Ficosa Inversión, which manages the assets of the Pujol family, the founders of the Barcelona-based auto-parts supplier.
Combined with the shares Panasonic already holds, Panasonic now owns 69% of the issued shares of Ficosa, making it a consolidated subsidiary. The Pujol Family will maintain a 31% stake in the company as Industrial Partner. Ficosa will continue to be managed by Javier Pujol as CEO.
With the deal closed, Ficosa will be accounted as a consolidated subsidiary of Panasonic retroactive to April 2017 for accounting purpose.
Panasonic is aiming to reach sales of JPY2tn (US$17.6bn) in its automotive business in fiscal 2019 ending March, 2019 and is proceeding with initiatives targeting growth in the areas of ‘Comfort’, ‘Safety’ and ‘Environment.’
Panasonic and Ficosa are combining their respective technologies to jointly develop products such as electronic mirror and next-generation cockpit systems, as well as Advanced Driver Assistance Systems (ADAS).