Panasonic to acquire 76.2% shares of Firepro Systems

Panasonic announced to acquire shares of Firepro Systems which was previously owned by investment companies. And it will enter into an agreement of subscriptions of allocation of new shares to a third party with its consolidated subsidiary, Anchor Electricals. Panasonic intends to become a leading Green Innovation Company in the electronics industry by 2018.

Panasonic will hold 76.2% of Firepro's shares. Post the acquisition, Firepro's management will continue to own 10.8%, and investment companies 13.0% of the company's shares. Through a third party allocation of shares, Anchor will increase its capital. The transaction would be closed by the end of May 2012.

Panasonic expects stable growth of 7-8% annually in GDP, with demand in housing-related markets. Serious demand is also expected for infrastructure-related sectors such as construction and power, following the remarkable economic growth and the government-led infrastructure development initiatives.

Anchor is a wiring device manufacturer in India and has built a firm position in electrical construction materials for housing. Firepro, a leader in the infrastructure protection and security space, offers integrated service solutions, along with complete management services, it catered to the non-housing market.

This acquisition enables Panasonic to veer into both housing and non-housing markets; and offer 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.

Both Panasonic and Firepro aim to develop a solutions business with general contracting covering the whole package of design, installation and services for building facilities, utilizing the engineering capabilities and client networking of Firepro, and the Panasonic's wide range of products and technologies.