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Panasonic to become majority owner of Spanish Ficosa

Staff Writer | March 21, 2017
Panasonic said it has agreed to become majority owner of Spanish auto parts maker Ficosa International to push into the automotive field.
Technology   Electronic automotive mirrors
Panasonic will buy an additional 20 percent of Ficosa - which has strengths in electronic automotive mirrors and other advanced safety systems - from main shareholder Ficosa Inversion SL to raise its stake to 69 percent.

Panasonic, which bought 49 percent of Ficosa in 2015, did not disclose the value of the deal, which it said would be complete by the end of April pending regulatory approval.

Panasonic said it does not expect any substantial impact on earnings from the deal.

The move comes as Panasonic shifts focus to corporate clients to escape price competition in lower-margin consumer electronics.