Published on : Nov 11, 2014
Japanese electronics giant Panasonic Corp.’s CEO Kazuhiro Tsuga stated on Monday that the company is considering M&A deals to solidify its market position in the Europe’s home appliances market. The company is now set to focus on growth prospects following many years of restructuring.
The company states that it is looking for a partner who has a good understanding of the European market in the segment of white goods. For the first time in the past five years, Panasonic has returned to a positive net cash position in the last quarter. The company has observed a turnaround since the time company’s new CEO Kazuhiro Tsuga took position in 2012, from a period of depression haunting the company for the past many years.
Panasonic’s current position is contrasting with that of Sony Corp., another Japanese electronics company struggling to make profits from its consumer electronics products such as TVs, smartphones and other products. Panasonic is now eyeing new market areas such as smart driver assistance systems that report the driver about blind spots and aids in parking.
Panasonic has also started supplying batteries to carmaker Tesla Motors Inc. While Panasonic has currently shifted its focus on the automotive sector from consumer electronics, it sees the segment of home appliances as another profitable section where the company’s expertise can be used in developing power-saving techniques.
Panasonic aims at 10 trillion yen worth revenues by the 2018-2019 financial year compared with the 7.5 trillion yen revenue target it set for itself in this year to March.