Making SANYO Electric Co., Ltd. a consolidated subsidiary of Panasonic Corporation
President Ohtsubo of Panasonic (left) and President Sano of SANYO Electric (right)
at the time of signing the capital and business alliance agreement in December 2008
In December 2009, Panasonic Corporation acquired the majority of the voting shares of SANYO Electric Co., Ltd. through tender offer and made it a consolidated subsidiary.
This was implemented based on the capital and business alliance agreement concluded by the two companies a year before in December 2008. Panasonic, which was positioning the energy business as a new key business, decided to utilize SANYO's technologies for rechargeable batteries, solar cells, etc. to enhance Panasonic's resources with a view to achieving growth in the competitive global environment. In addition to the energy-related field, SANYO Electric also had a competitive advantage in the fields of commercial freezers and air conditioners.
At the press conference upon signing the agreement, President Ohtsubo emphasized the significance of this alliance, in terms of bringing together the strengths of the two companies in the midst of a harsh management environment. He stated, "As the one and only corporate group capable of offering "Entire House" and "Entire Building" solutions centering on the energy/ecology fields, we will forge ahead to maximize customer value."
In May 2010, six months after making SANYO Electric a consolidated subsidiary, Panasonic declared its full-scale entry into the solar business field. In July, as the first collaborative product, a Panasonic-brand residential PV system incorporating SANYO's "HIT solar cell modules" was launched.