Matsushita Electric plans to acquire the ZKW Group, a European automotive lighting system developer, for up to $1 billion to accelerate its entry into the automotive electronics market. At present, the acquisition negotiations have entered the final stage. The report said that the two companies are expected to sign a basic agreement earlier this month. ZKW supplies LED headlights and lighting modules to US and European automakers such as General Motors and BMW. ZKW expects the company's sales this year to be about 900 million euros.
Matsushita said in a statement that the transactions mentioned in the media reports are not transactions that the company has announced, and the company will not comment on individual transactions.
Panasonic is seeking to reinvent itself as a supplier of automotive components and home energy-saving systems, free from the price wars that have been staged in smartphones and low-margin consumer-grade products. The acquisition of ZKW will expand Panasonic's automotive business, which currently focuses on batteries and navigation systems.
Last year, Matsushita acquired a 49% stake in Spanish car mirror manufacturer Ficosa InternaTIonal and plans to invest $1.6 billion in a $5 billion Tesla super battery plant. Panasonic rivals are also entering the automotive industry, Samsung announced last month to acquire US auto parts supplier Harman International for $8 billion.
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