On Monday, Japanese multinational electronics corporation, Panasonic Corporation (TYO: 6752), formerly known as Matsushita Electric Industrial Corporation, announced their acquisition of Hussmann Corporation, for over 186 billion yen ($1.5 billion). Hussmann is a Missouri-based company that produces refrigerated systems and display cases. This agreement will allow Panasonic to expand its display case business and food distribution solutions business in the United States, the biggest market for refrigerated and freezer display cases, as well as countries and regions around the U.S. and further to Australia and New Zealand, in hopes to influence its technology and help it break into the United States food distribution industry, claimed the company.
“This strategic acquisition will enable the combination of Hussmann's strengths in customer relationship, maintenance and services with Panasonic's wide-ranging technology and product lineup. Panasonic will use this synergy to drive growth and further innovation on a global basis. Combined the company will be able to leverage core refrigeration product technology and case platforms including Panasonic’s CO2 systems and foodservice products. Other synergy opportunities include LED’s, remote monitoring and other technology platforms enhance retail customer’s merchandising and consumer connectivity,” said Business Wire, a company that disseminates full-text press releases from companies, about Panasonics acquisition.
After the deal, which is anticipated to be finalized next year of April, Panasonic will own all of Hussmann’s shares. The end of this acquisition is subject to agreement from jurisdictions required by law in the United States and other countries.
"We want to make (this acquisition) a trigger to accelerate our global business," Kazuhiro Tsuga, Panasonic Chief Executive Officer, told reporters at a news conference. "We are likely to actively pursue overseas acquisitions."