Nexcon Technology Buys up Japan's Panasonic Subsidiary

Nexcon Technology Co., a Korean company engaged in the manufacturing of rechargeable battery components, has acquired a unit of Japan's Panasonic specializing in rechargeable battery protection circuit boards. This is the first occasion in which Korea's small parts maker acquires a business unit of a large Japanese company.

Nexcon Technology has purchased the subsidiary of Sanyo Electric Co. manufacturing protection circuit boards for lithium-ion batteries and printed circuit boards of chargers at the cost of 20 billion won. Korea Development Bank and Korea EximBank were main lenders for the purchase fund and working capital.

 

The company will supply the components to Panasonic, the world's No. 3 company in rechargeable batteries. Given Nexcon is supplying the components to LG Chem and Samsung SDI, it will supply components to all top-three companies in rechargeable batteries in the world. With the new contract, the company expects to earn 100 billion won more.