Panasonic announced today that it has completed acquisition of a majority of the voting stock of SANYO Electric Co., Ltd. With this acquisition, SANYO has become a consolidated subsidiary of Panasonic and will continue pursuing its business as a Panasonic Group company.

Upon conclusion of a Capital and Business Alliance Agreement on December 19, 2008, the two companies set up a Collaboration Committee. While working to secure approvals for the acquisition from antitrust authorities at home and abroad, they began discussing, within the framework of applicable regulations, how to manage and strengthen the merged company's business and financial positions.

"The new Panasonic Group will strive to realize synergies as early as possible by bringing together the technologies and manufacturing expertise each cultivated over the years and leverage the group synergies to the fullest extent to hone the competitive edge in the global market," the company said in a statement.

"Particularly in the energy business where future growth is expected globally, the Group will strive to become the No. 1 Environmental Innovation Company in the world electronics industry by 2018, when Panasonic marks its 100th anniversary. To achieve this goal, it will capitalize on its solid operating base built upon its industry-leading technologies and innovative products."