Panasonic Forms New Automotive & Industrial Systems Company in Europe
Panasonic to drive and expand business integration for portfolio expansion and further revenue growth in key business-to-business markets
WIESBADEN, GERMANY--(Business Wire / Korea Newswire) October 02, 2014 -- Panasonic Europe today announces the finalization of its Automotive & Industrial Systems Company formation. Panasonic Automotive & Industrial Systems Company Europe (PAISEU), headed by Dr. Wilhelm Steger as President since the beginning of this year, has been created to centralise the company’s business-to-business strategy within Europe and drive revenue within the automotive and industrial sectors. Steger has the financial goal to double revenues by FY2018 (31 March 2019), the company’s 100th anniversary, based on the results of the last financial year.
The formation of PAISEU brings together the formerly separate legal entities of Panasonic Automotive Systems Europe, Sanyo Components Europe, Panasonic Industrial Devices Sales Europe, and - as a subsidiary and still separate legal entity - Panasonic Electric Works (PEW) Europe.
The proximity and close relationships to large corporate customers and OEMs in Europe will be further reflected in trend setting R&D projects for the industrial and automotive sectors. PAISEU builds on the innovation strength and industry leadership of the Panasonic Corporation*, the cross company synergy effects and employee talent of all four joint up companies. The new solutions will serve Panasonic AIS trade and new partners in Europe with a wider spectrum of individual customer-oriented offerings and services.
The formation of PAISEU - including its subsidiary PEW - will create a business with more than 1250 employees in Germany and several thousands in Europe. It follows the global Panasonic announcement in April 2013 of the creation of a global four-company structure operating under four distinct organisations: Automotive & Industrial Systems, Eco Solutions, Appliances and AVC Networks.
Laurent Abadie, Chairman and CEO, Panasonic Europe commented: “The automotive and industrial sectors are key growth markets for Panasonic in Europe. The strong focus of our company into new and existing business-to-business markets is a huge step for Panasonic Europe. The formation of PAISEU enables us to further develop and offer innovative solutions to these markets. We have already demonstrated that our expertise is unparalleled in areas such as battery technologies for industrial customers, car manufacturers and within the home. Small but key components and devices from Panasonic also serve modules and systems of leading manufacturers all over the world whereas our big manufacturing machines keep productions of global corporations running. And our automotive business is particularly strong in in-car entertainment, energy and driving assistance solutions. From an overall European Panasonic business perspective, our strong brand awareness and expertise in the consumer business complements effectively Panasonic’s activities in the PAISEU customer segments. I am confident that we will see PAISEU make a significant and strong impact to Panasonic’s business in Europe in the months and years to come.”
Dr Wilhelm Steger, President of Panasonic Automotive & Industrial Systems Europe, added: “With today’s final step of inauguration of PAISEU, we are able to combine highly advanced technologies with the expertise of our employees from across the four consolidated businesses. As a result, we will be providing and developing new technologies and solutions that range from individual components to end-to-end modules and systems. The formation of PAISEU demonstrates our long-term commitment to this sector, while aiming to be recognised as the most suitable business partner for our customers.”
Panasonic Automotive & Industrial Systems Company Europe, established on 1st October 2014, will be part of Panasonic’s global Automotive & Industrial Systems (AIS) Company and respective reported revenues.
*according to WIPO (World Intellectual Property Office) 2013 results, published March 2014
Panasonic Automotive & Industrial Systems Company Global Site: http://panasonic.net/ais/
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