Promote comprehensive collaboration starting with electronic mirror system
Viladecavalls (Barcelona), 30th,Sep.,2014.- Ficosa International S.A. (Headquarters: Barcelona, Spain, CEO: Javier Pujol, “Ficosa”) and Panasonic Corporation (Headquarters: Osaka, Japan, President: Kazuhiro Tsuga, “Panasonic”) today signed an investment agreement to enter into a capital and business alliance. As part of the capital alliance, Panasonic will take a 49% stake in Ficosa through a combination of the subscription of newly issued shares, the acquisition of treasury stock and the purchase of shares from Ficosa Inversión S.L., the largest shareholder of Ficosa. Both companies agree to continue discussions about strengthening their capital, business and technological partnership in the future.
Ficosa and Panasonic plan to integrate their imaging technology know-how and combine Panasonic’s innovative display technology with Ficosa’s automotive mirror background and technology, thereby accelerating the launch of electronic technologically advanced automotive mirrors that support comfortable and safe driving.
The scope of the alliance will also include cross selling activities to accelerate the expansion of Panasonic’s infotainment systems such as display audio and devices by leveraging Ficosa’s strong sales force focused on European and American OEM customers. Ficosa will benefit from Panasonic’s global presence, especially with Japanese OEMs, to promote specific products like camera washer systems*1, telematics control units,*2 and shift by wire*3 applications.
Mr. Yoshio Ito, Senior Managing Director and member of the board of Panasonic, commented: “Panasonic is aiming to contribute to the automotive industry as an essential supplier in each area of ‘Comfort,’ ‘Safety’, and ‘Environment’, as part of our growth strategy to achieve 2 trillion yen sales in the automotive business as of the fiscal year of 2018, the 100th anniversary year of Panasonic’s business. Panasonic has expanded its ‘Comfort’ area centering on display audio and car navigation systems, ‘Safety’ area centering on various sensors and ‘Environment’ area centering on the automotive Li-ion battery. Through this capital and business alliance with Ficosa, Panasonic has no doubt that it will be able to accelerate the fusion and further evolution of the ‘Comfort’ and ‘Safety’ areas which is indispensable for the next generation cockpit systems, an area that shows great potential for growth. The alliance will also facilitate the quick launch of electronic mirror business, and this will be our bridgehead to enter the ADAS (Advanced Driver Assistance System) area in the future.”
Mr. Javier Pujol, CEO of Ficosa, commented: “This alliance consolidates Ficosa’s market presence in new technology areas such as safety, communications and e-mobility, where over last years the company has been significantly investing. This partnership will not only bring complementary know how & technologies but also regional synergies. This alliance will be very beneficial for our customers since the combination of both companies’ strengths and profile will bring superior products and solutions for them.” Mr. Pujol also emphasized how both companies’ culture and values fit well together on looking for long term value creation.
Ficosa and Panasonic plan to start this capital and business alliance by the end of March, 2015, subject to the approval from the competent anti-trust authorities.
