Osaka: Panasonic Corporation today announced
acquiring of Bangalore-based Firepro Systems, a leader in the
Infrastructure Protection and Safety sector through its subsidiary
Anchor Electricals.
Panasonic Corporation said Friday its subsidiary Anchor
Electricals Private Ltd will purchase security equipments alarm maker for an
undisclosed sum, a move which will help the Japanese company to sell security
equipments, apart from lights and switches, a company release said.
Also, the company has worked to expand its performance in
construction-related sectors 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 realise further
growth by capital participation in Firepro to expand into
"non-residential" areas including offices, buildings and 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, the release further added.
As per the agreement, 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, a company release said.
No comments:
Post a Comment