Panasonic will acquire a portion of Firepro's ordinary shares owned by financial investors while Anchor will invest in Firepro through a fresh issue of shares. This will result in a significant majority stake for Panasonic Group in Firepro. The existing shareholders, including Mr N S Narendra, the founder, Chairman & Managing Director of the Company, will continue to hold their stake in the company. Mr N S Narendra will continue to lead the company towards its future goals
Panasonic has always had a global outlook and this acquisition provides the way forward for building a foundation to expand their comprehensive solutions business in India and reiterates its vision of being the No. 1 Green Innovation Company.
Firepro's depth of customer relationships and its strong Engineering, Procurement and Construction capability will strengthen Panasonic’s business in non- residential and Infrastructure sectors in India and will also further Anchor’s objective of gaining a leadership position in Electrical construction materials market. This important move will also help in accelerating the introduction of a number of Panasonic Group products in India.
Anchor is a leading Wiring devices manufacturer in India with a robust sales network and a strong brand and it has built a strong position in the electrical construction materials market, for the residential construction segment in particular. Panasonic aims at entrenching its position in the residential, non-residential and infrastructure construction markets and plans to offer complete solutions by adding Panasonic and Anchor product lines to enhance Firepro's Engineering, Installation and Maintenance capability and solution offering for clients in high-growth construction segments.
The closing process has been scheduled for late May, 2012. There would not be a material impact on the financial outlook for FY2013 ending March 31, 2013.
About Panasonic
Panasonic Corporation is a worldwide leader in the development and manufacture of electronic products in three business fields, consumer, components & devices, and solutions. Based in Osaka, Japan, the company recorded consolidated net sales of 7.85 trillion yen for the year ended March 31, 2012. Panasonic’s stock is listed on the Tokyo, Osaka, Nagoya and New York (NYSE:PC) Stock Exchanges. The company has the vision of becoming the No. 1 Green Innovation Company in the Electronics Industry by the 100th year of its founding in 2018. For more information on Panasonic, its brand and commitment to sustainability, visit the company's website at http://panasonic.net/.
About Anchor
Headquartered in Mumbai, Anchor electrical Private Limited started nearly five decades ago and became a subsidiary of Panasonic Electric Works (now Panasonic Corporation) in 2007. It is one of the largest domestic manufacturers of electrical construction materials with 4 manufacturing locations and boasts of 36 domestic bases and has employee strength of 10,004. Its sales and operating profit are steadily growing and it ended the last financial year with a net sales of Rupees 13 Billion and a stated capital of Rupees 4.38 Billion. It has a dominant market share in Wiring devices and it is constantly expanding its product range and growing market share in Circuit Breakers, Lighting and Luminaries, Fans and Wires/ Cables. For more information on Anchor, please visit www.anchor-world.com
About Firepro
Firepro is a leader in the Infrastructure Protection and Security space, and offers Engineering, Installation and Maintenance services for Fire Prevention and Security. Its head quarters are in Bengaluru, India and is headed by Mr. N S Narendra. The company has a presence in fourteen domestic cities and has an employee strength of approximately 600. Firepro has a strong network with customers such as major IT Corporations, Developers and large Infrastructure Developers. It has a very superior engineering capability and has successfully executed many landmark projects in India.Sourced From: Genesis Burson Marsteller