TOKYO (Reuters) - Japan’s Panasonic Corp (6752.T) on Tuesday said it has agreed to become majority owner of Spanish auto parts maker Ficosa International SA [FICOS.UL] as it bolsters its push into the automotive field.
Panasonic will buy an additional 20 percent of Ficosa - which has strengths in electronic automotive mirrors and other advanced safety systems - from main shareholder Ficosa Inversion SL to raise its stake to 69 percent.
Panasonic, which bought 49 percent of Ficosa in 2015, did not disclose the value of the deal, which it said would be complete by the end of April pending regulatory approval.
Panasonic said it does not expect any substantial impact on earnings from the deal.
The move comes as Panasonic shifts focus to corporate clients to escape price competition in lower-margin consumer electronics.
Rival electronics makers are also moving further into the automotive industry. Samsung Electronics Co Ltd (005930.KS) agreed in November to buy Harman International Industries in an $8 billion deal.
Panasonic is targeting annual sales of 2 trillion yen ($17.76 billion) for its automotive business in the year ending March 2019, from 1.3 trillion yen in the year ended March last year.
Reporting by Makiko Yamazaki; Editing by Christopher Cushing