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Panasonic's green tech to boost company

Sanyo's Solar Arc
Sanyo's Solar Arc

Panasonic is hoping that its takeover of Sanyo will make energy systems its flagship division and help to triple its sales in the next three years.

A £2.8 billion takeover of Sanyo has brought a wealth of expertise in batteries and solar panels – something that the hierarchy at Panasonic see as a key growth area.

"The two brands will work closely to learn from each other and bring together the wisdom of each company," Panasonic said in a statement.

Green growth

Panasonic is hoping for a jump from 7 trillion yen in revenue this year to 9.5 trillion yen in 2013 – a rise from £47 billion to £63.5 billion, driven by a big increase in sales.

The Japanese company will invest 100 billion yen (£672m) over the next six years to expands its solar cell production, as well as claim 40 per cent of the global market in lithium-ion rechargeable batteries.

Via PA