Panasonic already operates on the market through Turkey’s authorized dealer Viko, which the company bought in 2014 in a $560 million transaction. Panasonic has an 8% market share of the switching devices market and target a 15% share by 2016, according to Nurset Kayhan Apaydin, CEO with Viko by Panasonic.
“We target a rapid growth. We target the 1st position in any market,“ added Takahashi. Panasonic’s competitors on this market will be Bachmann, Strohm, Kuper, Hama, Schnedier Electric or Legrand.
“Romania is the first step. The next step is to enter the European market,“ said Kazuhito Takahashi, member with Japan’s Panasonic Eco Solution Board.
According to data in the Turkish media, in October 2013, Panasonic bought a 90% stake in Viko in a $460 million deal and it subsequently increased its stake to almost 99%. Viko exports over 25,000 types of products throughout over 70 countries in Africa, Asia, Middle East and Europe. According to Apaydin, Viko has in Turkey the second largest electronics factory worldwide, with an annual capability of 1 million units.
(English version by Manuela Panescu)