Tokyo, Japan—Japanese electronics supplier Panasonic Corp. said it was ready to spend $8.4 billion on acquisitions over the next four years, based on a strong profit outlook for its automotive and housing technology businesses. Chief executive Kazuhiro Tsuga told Reuters that Panasonic doesn’t have acquisition targets but the company will spend around 200 billion yen on M&A in this fiscal year.
“Tsuga has spearheaded a radical restructuring at the Osaka-based company that has made it one of the strongest turnaround stories in Japan's embattled technology sector,” reported Reuters. Tsuga previously told Reuters that Panasonic “was interested in M&A deals in the European white goods market,” where the company has comparatively low brand recognition. panasonic.com