Panasonic formed a joint venture with a Chinese company Friday to make, sell, and service large refrigeration systems such as those used in supermarkets and convenience stores.
Located in Dalian, the joint venture is owned 80% by Panasonic group members including a local refrigeration systems subsidiary, and 20% by Dalian Refrigeration -- one of China's leading manufacturers of commercial refrigerators.
By leveraging the Chinese company's local marketing might, Panasonic hopes to broaden sales of freezer units to the growing numbers of supermarkets and convenience stores in China.
The Japanese company aims for sales of 1 billion yuan ($150 million) with its business for large refrigeration systems in China in 2020, which would be a 60% rise over the 2017 target.
Source: <a href="http://asia.nikkei.com/Business/Companies/Panasonic-enters-joint-venture-in-China-for-commercial-refrigeration" target="_blank">Nikkei</a>