Panasonic Announces Tie-up with Ficosa

Osaka, Sept. 30 (Jiji Press)--Japan's Panasonic Corp. <6752> said on Tuesday that it has agreed to form a capital and business alliance with Spanish auto parts maker Ficosa International SA. The move is designed to help the Japanese electronics maker boost earnings from auto-related operations. Panasonic will acquire a 49 pct stake in Ficosa by the end of March next year in a deal estimated to cost some 20 billion to 30 billion yen. Panasonic aims to utilize Ficosa's strength in auto mirror technologies to develop advanced electronic auto mirrors. END