Panasonic Industry Co., Ltd. (PID) plans to transfer its automotive motor and cooling fan motor units to machinery components maker MinebeaMitsumi Inc. PID, a provider of electronic devices and materials, said the move reflects its shift toward the materials and processes businesses.
The companies expect the transfer to close on November 2, subject to approvals from local competition regulators and other government agencies. PID noted that the timeline could change depending on reviews and related procedures.
Before completing the transfer, PID will reorganize the Japanese businesses into a new, wholly owned subsidiary through a company split. The company will also move certain intellectual property rights and related assets held by PID’s affiliates.
PID will then move all shares of the new subsidiary to MinebeaMitsumi, while shares of Panasonic Industrial Devices Philippines Corporation held by PID’s affiliates will shift to MinebeaMitsumi’s subsidiaries. Additionally, related assets, liabilities, employees and contracts tied to Panasonic Motor and Panasonic Manufacturing in China will become part of MinebeaMitsumi’s subsidiaries.
PID’s broader motor business dates back to 1934, when it introduced its first motor 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 to 2018.
