Panasonic to Buy Majority Stake in Ficosa

Japan's Panasonic Corp. says it will acquire an additional 20% stake in Barcelona-based Ficosa International SA to increase its share in the Spanish parts maker to 69%.

Financial terms of the deal, which is expected to be completed next month, weren’t disclosed. Panasonic doesn’t expect the acquisition to have any substantial impact on 2017 earnings.

Panasonic bought 49% of the supplier in 2015. Founded in 1949, Ficosa reported sales of €1.1 billion ($1.2 billion) in 2015. The company makes rearview mirrors and a variety of safety, electronic and connectivity systems.

Panasonic is targeting sales of 2 trillion yen ($17.8 billion) for its automotive business for the fiscal year ending March 31, 2019, up from 1.3 trillion yen ($12 billion) in the current fiscal year.