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Panasonic allies with Spanish firm to develop vehicle safety systems(Japan Economic Newswire Via Acquire Media NewsEdge) Panasonic Corp. said Tuesday it has signed an agreement to form a capital and business alliance with Spanish automobile parts maker Ficosa International SA as the Japanese electronics maker aims to develop advanced vehicle safety systems. Panasonic will take a 49 percent stake in Ficosa through steps such as purchasing newly issued shares. The two companies plan to launch the alliance by the end of next March, subject to approval by antitrust regulators, the Osaka-based firm said. They plan to integrate Panasonic's display technology with Ficosa's automotive mirror technology to help develop electronic mirrors to support safe driving, Panasonic said. Panasonic is seeking to nearly double its sales of automotive products to 2 trillion yen ($18 billion) by fiscal 2018 from 1.2 trillion yen in fiscal 2013 ended March 31. It expects to generate 10 percent of the targeted revenues from businesses obtained through mergers and acquisitions. (c) 2014 Kyodo News |