Panasonic Corporation said Friday its subsidiary Anchor Electricals Private Ltd will purchase security equipments alarm maker Firepro Systems Private Ltd,for an undisclosed sum,a move which will help the Japanese company to sell security equipments,apart from lights and switches.
The Japanese company will acquire a portion of Firepro’s shares from its investors to raise Panasonic’s sare to 76.2%.
“Panasonic aims at veering into both housing and non-housing markets; and offering total solutions by adding Panasonic’s and Anchor’s product lineup to Firepro’s installation services for clients in the high-growth non-housing market like buildings and commercial facilities,” said the statement.
With the acquistion,Panasonic is looking to utilise Firepro’s marketing capabilities to strengthen Anchor’s presence in non-housing fields. Firepro’s strong engineering capabilities will also enable Panasonic to establish Anchor’s position in engineering,procurement and installation market of electrical and security equipments.
According to Panasonic,it expects stable growth of anywhere between 7-8% a year with rising demand from residential apartments and in infrastructure projects.