Japan’s Panasonic chose Romania to launch its standard line of electric products on European market

Japanese electronics giant Panasonic announced that it would introduce on the local market, in a first for Romania, a new product segment, specifically electric materials. As part of this move, the company launched on Friday its standard line of electric products, the line of outdoor products and the line of extension cords that will sell under the Panasonic brand. This is actually the first time that these products reach Europe, agerpres.com informs.

According to company representatives, attending a press conference, the selection of Romania for the launch of the new product segment in Europe was prompted by Panasonic’s taking over in 2014 Turkish wiring devices leader Viko Elektrik, which holds in Romania dealer Spot Vision Electric and Lighting.

Kazuhito Takahashi, member of the Panasonic and Panasonic Eco Solutions Board, said that Viko’s local market share is 8 percent, but is estimated to reach 15 percent by 2018. In his turn, Panasonic Turkey CEO Nusret Kayhan Apaydin, who was also attended the event, said that Viko was valued at USD 560 million before the takeover, and Panasonic has bought 90 percent of the stake. After a capital increase, Panasonic now holds 98.6 percent of Viko.

The Romanian market of electrical products stands at EUR 20 million, and the segment of switches and extension cords is worth EUR 10 million, Kazuhito Takahashi also estimates.

The Japanese world leader in consumer electronics and lifestyle products continues to make strategic moves in Europe, and in the pursuit of its goal to become No. 1 in the industry by 2018, the Romanian market could play a key role.

Panasonic is No. 1 on the Asian market and holds a dominant position in countries such as Taiwan, South Korea, Thailand, Indonesia, Vietnam and India (according to a June 26, 2015 survey conducted by the company). It is also particularly successful in Ukraine and Turkey.