Panasonic to buy US fridge firm Hussmann

Panasonic Corp has agreed to buy US refrigeration company Hussmann Parent Inc for 186.6bn yen (£1bn).

Panasonic will buy the group from majority-owner private equity firm Clayton, Dubilier & Rice, and Ingersoll Rand.

Hussmann, which is a major industrial refrigerated, freezer display case manufacturer with a lading share in the US market, will become a fully-owned subsidiary of Panasonic.

“This strategic acquisition will enable the combination of Hussmann’s strengths in customer relationship, maintenance and services with Panasonic’s wide-ranging technology and product line-up,” the company said.

Panasonic said it will use this synergy to drive growth and further innovation on a global basis.

“Combined the company will be able to leverage core refrigeration product technology and case platforms including Panasonic’s CO2 systems and foodservice products. Other synergy opportunities include LEDs, remote monitoring and other technology platforms that will enhance retail customers’ merchandising and consumer connectivity.”

As part of its growth strategy, Panasonic is aiming to generate sales of 2.5trn yen in business-to-business solutions in 2018, 300bn yen of which is expected to come from the food distribution business.