Panasonic to buy US-based Hussmann for $1.5 billion
TOKYO : Japanese electronics giant Panasonic said on Monday it would buy Hussmann, a US-based food refrigeration systems company, for $1.54 billion as part of its drive to expand in the US food retail sector.
Panasonic said in a statement the purchase would help company to increase its business for freezer display cases in the United States the world’s biggest market for the product as well as to areas near the giant economy and markets farther away such as Australia and New Zealand.
Calling the deal a “strategic acquisition”, Osaka-based Panasonic said the purchase would combine the US company’s excellence in customer service and maintenance with Panasonic technology.
“Panasonic will use this synergy to drive growth and further innovation on a global basis,” it said. The purchase will be completed in April 2016, making the US firm a wholly owned subsidiary, Panasonic said.