Panasonic Corporation said it plans to buy a further 20% stake in Ficosa International, a Spanish manufacturer of automotive rear-view mirrors and electronic systems.
The Japanese electronics conglomerate already has a 49% stake in Ficosa and this latest acquisition will make the Barcelona-based company a consolidated subsidiary of the group. Panasonic has agreed to buy the additional stake from the holding company FicosaInversión S L.
Panasonic expects greater product and commercial synergies to develop between the two companies as a result as a result of the acquisition, particularly in the development of in-car electronics and internet-based systems. The two companies are already working in key growth areas such as next-generation cockpit systems, advanced driver assist systems (ADAS), connectivity, autonomous driving, safety systems for increasingly assisted driving and e-mobility.
Panasonic believes expansion into these areas will increase corporate value of both companies in the long term. It is targeting global automotive sales of JPY2trn (US$18bn) by 2019 across the group.
Ficosa currently employs 10,280 employees in 17 countries worldwide and generated a group turnover of EUR1.1bn in 2015.