Panasonic will buy the manufacturer of refrigerators Hussmann for $1.5 billion

Moscow. December 21. Panasonic Corp. buys American manufacturer of refrigeration equipment Hussmann for 186,6 billion yen ($1.5 billion).

Panasonic will acquire the parent company at Hussmann equity Fund Clayton, Dubilier & Rice, said in a statement Panasonic. The deal is expected to close in April 2016.

Hussmann manufactures refrigeration equipment for supermarkets and industrial plants.

Panasonic expects to increase sales units focused on solutions for food business, up to 300 million yen by 2018.

“The company offers its energy efficient and environmentally friendly refrigeration system for supermarkets, a staple unit in the area of solutions for food business, mainly in Japan, China and other parts of Asia, and has a strong position in these markets”, – stated in the message of Panasonic.

However, the company noted the need to find new approaches to meet the needs of the US market, where Hussmann is a leader.

Panasonic is committed to reducing the dependence on operations in the field of production of TVs and smartphones and actively develop other lines of business, including operations in the field of production information systems for vehicles and batteries for cars Tesla Motors Inc.

Previously, the company has announced that it intends to spend 200 billion yen for strategic investments in the current year to achieve the goal of increasing revenue to 10 trillion yen by the 2018 fiscal year.