As a result of this decision, Panasonic's stake in Ficosa International will increase by 20%, from the current 49% to 69%. The remaining capital will continue to be held by the Pujol family, founders of the multinational, who will maintain their current 31% stake through Ficosa Inversión. This transaction was included in the roadmap established at the beginning of the alliance between the two companies, signed on June 30, 2015.
To complete the transaction, other preconditions and general conditions must be met, including obtaining approval from European and other relevant authorities.
The company's management will continue to be led by Ficosa's current management team, with Javier Pujol as CEO, who remains responsible for projecting the company's global leadership and ensuring the success of future challenges. As a result of the transaction, Ficosa's board of directors will consist of seven representatives from Panasonic and four from the Pujol family.
As a result of this new arrangement, Ficosa will become a Global Business Division of Panasonic's AIS Automotive Business. Ficosa's R&D center in Viladecavalls will thus become the technological hub for connectivity systems, e-mobility, and ADAS (Advanced Driver Assistance Systems) for the alliance.
Yoshio Ito, Senior Managing Director at Panasonic, commented: “Both Panasonic and Ficosa maintain a strong management philosophy, so we expect to benefit from the synergies of strengthening the business alliance between our two companies, not only in the manufacture of electronic mirror systems, but also in the development of technology to create a connected vehicle. We will accelerate development by leveraging our respective strengths, and I firmly believe this will allow us to create a strategy for continued growth.”.
For his part, Javier Pujol, CEO of Ficosa, emphasizes the strategic importance of the operation: “In recent years, at Ficosa, we have made a significant effort to carry out a profound technological transformation based on the development of higher value-added products in electronics and software. However, the technological challenge posed by the current automotive transition is enormous and requires substantial investment. That is why Panasonic's support is key to accelerating synergies between both companies, consolidating our industrial project, and achieving the critical mass necessary to lead the automotive market's transition in vehicle connectivity, autonomous driving, safety systems for increasingly assisted driving, and e-mobility.”.
