Toyota, Panasonic to Integrate Housing Businesses
Tokyo, May 9 (Jiji Press)--Toyota Motor Corp. <7203> and Panasonic Corp. <6752> said Thursday that they will integrate their housing operations under a new company to be established in January 2020.
The new company, Prime Life Technologies Corp., will also be joined by Misawa Homes Co. <1722>, a Toyota subsidiary.
With the integration, the Toyota and Panasonic groups aim to weather the rough seas in Japan's housing industry, which is expected to face tougher competition amid the falling population in Japan.
Major Japanese trading house Mitsui & Co. <8031> is considering investing in the new company, whose initial capital has yet to be decided.
Toyota and Panasonic plan to hold an equal stake in the new company, to be headed by Panasonic Senior Managing Executive Officer Makoto Kitano.
[Copyright The Jiji Press, Ltd.]