Panasonic acquires 76% in Firepro Systems
Mumbai: Japanese electronics major Panasonic Corporation Friday said it has acquired a controlling 76.2 percent stake in the infrastructure protection and security company Firepro Systems, as part of its expansion in the country's construction-related segment.
It, however, did not disclose the financial contours of the deal.
Panasonic will acquire a portion of privately-owned Firepro's ordinary shares previously from investment companies to take its stake in the company to 76.2 percent, it said in a statement here.
Additionally, the agreement also provides for fresh issue of shares to its Panasonic's Indian subsidiary Anchor, it said.
The consolidated stake which Panasonic will hold in the target company with itself and subsidiaries was not known immediately.
Anchor is a hundred percent subsidiary of Panasonic India and is entrenched in the wiring space with a focus on housing segment.
Firepro, whose solutions include fire alarm and detection systems, fire suppression, access control, video surveillance, intrusion alarm and building management systems, is focussed on the non-housing segment, the statement said.
"The move to acquire Firepro is in sync with our vision of becoming the no.1 green innovation company in the electronics industry by 2018 in the country," the company said.
Post-acquisition, the product line-up of Panasonic and Anchor will be added to Firepro's installation services for clients in the high-growth non-housing market, it said.