Panasonic Industry to Transfer Automotive and Cooling Fan Motor Divisions to MinebeaMitsumi on November 2

en.Wedoany.com Reported - Panasonic Industry Co., Ltd. (PID) plans to transfer its automotive motor and cooling fan motor divisions to mechanical component manufacturer MinebeaMitsumi Inc., as part of its transformation into a materials and process business.

The transfer is expected to be completed on November 2, subject to approval from local competition regulators and other government authorities. PID stated that the timeline may change depending on reviews and related procedures.

Prior to the completion of the transfer, PID will restructure its Japanese operations into a new wholly owned subsidiary through a company split, and transfer certain intellectual property and related assets held by affiliated companies. Subsequently, PID will transfer all shares of the new subsidiary to MinebeaMitsumi, while shares of Panasonic Industrial Devices Philippines Corporation held by PID affiliates will be transferred to a MinebeaMitsumi subsidiary. Assets, liabilities, employees, and contracts involving Panasonic Motor and Panasonic Manufacturing in China will also be integrated into MinebeaMitsumi's subsidiary.

PID's motor business dates back to 1934, when the first motor was launched through Matsushita Electric Works. The company began producing automotive radiator cooling motors in 1973, followed by cooling motors for navigation systems, batteries, and ADAS cameras between 2008 and 2018.

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