Panasonic Holdings and Apollo Partnership for Panasonic Automotive Systems Business
Panasonic Holdings Corporation) has announced on November 17th, 2023, that it has reached a basic agreement with Apollo Global Management Inc. a global asset management company, to become a joint partner in Panasonic Automotive Systems Co., Ltd. (herein after “PAS”) business.
The automobile industry is undergoing significant changes, which is said to occur once every 100 years. Amid the drastic changes in the industry structure and the competitive environment, we at PAS recognize that we need to be more prepared than ever to survive in the tough global market. In this environment, we believe the partnership agreement is the best way to create contributions to our customers and suppliers, and to realize the development of our company and the happiness of our employees.
The partnership selection is based on the highest priority of maintaining relationships with current customers, suppliers, and employees, and strengthening our business together under the Basic Business Philosophy of the Panasonic Group. Even if the partnership agreement reach a final contract, our company will not change its name, brand, or structure. As a member of the Panasonic Group, we are determined to continue business activities through a unified commitment.
Our company considers this agreement as a great opportunity to grow with a high level of competitiveness in the rapidly changing automotive industry and to further develop our presence as a global player. We hope you will continue to look forward to our further challenges.
Panasonic Automotive Systems Co., Ltd.
Masashi Nagayasu, Representative Director, CEO