International. Panasonic announced that it will establish a new company to operate its security systems business in Japan and abroad, and that it has reached an agreement for a strategic joint investment with Polaris Capital Group. The decision was approved at a board meeting held on May 31.
The security systems business division, which is part of Panasonic's connected solutions company, has approximately 60 years of history in developing security cameras and advanced devices, and combining these with software such as facial recognition.
Panasonic explained that it is establishing the new company and concluding a joint investment agreement with Polaris to achieve stable growth in the safety and security market.
Panasonic says the new company will be able to use Polaris' knowledge and experience thanks to numerous investments in manufacturers and other large-scale companies. You will build on the strengths of the division and benefit from Polaris' management and resources to seamlessly implement the structure needed to operate as an independent organization. By strengthening its solution capabilities with alliances and proactive mergers and acquisitions, the new company will aim to improve its revenue and profitability focused globally on the North American market. "With new and next-generation products and services, and a strategic growth plan to expand sales of medical camera modules, the new company will build a strong foundation as an independent entity with a potential public offering in the future.
The new company will become an independent entity of the security systems business division of the company Connected Solutions and the R&D department of compact industrial and medical vision cameras of its Innovation Center. The sales and public safety development functions of The Company Panasonic System Solutions of North America (PSSNA) and the Security Camera Manufacturing Factory in China, Panasonic System Networks Suzhou Co. Ltd. (PSNS), will become subsidiaries of the new company.
The new company is planned to start operations on October 1, 2019, assuming approval from relevant government agencies.
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