NEW YORK (AP) — Panasonic will pay more than $1.5 billion to acquire Hussmann, a century-old U.S. company that makes refrigerated display cases for grocery stores.
The acquisition is part of the Japanese company’s plan to shift its business from consumer electronics, such as TVs and cameras, to batteries, solar panels and other products used by businesses.
Hussmann, which was founded in 1906, is headquartered in Bridgeton, Missouri. The deal is expected to close in April, Panasonic said.
A representative from Hussmann was unavailable for comment.
Panasonic said it will continue to use Hussmann’s name and brand after the deal closes. It also said Haussmann’s current management will stay in place.
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