Panasonic Corp. (Osaka, Japan) plans to agreement to absorb Panasonic Eco Solutions Power Tools Co., Ltd. a wholly owned subsidiary, effective April 1, 2013.
The subsidiary, established in 2009, manufactures and sells rechargeable power tools. It had net sales, as of Sep 30, 2012, of 6,196 million yen (approx. US$72 million) and had a loss of 174 million yen (approx. $2 million).
Panasonic said it intends to expand sales by utilizing its own sales channels, mainly in Asia, and cuts costs. Panasonic will absorb the power tools company, which will be dissolved when the merger occurs.
to Daily News