Panasonic Corp. said Monday it will purchase U.S. refrigeration firm Hussmann Corp. for around $1.55 billion.
The move is part of Panasonic's aim to achieve sales of ¥10 trillion ($82.4 billion) in fiscal 2018 ending March 2019.
The purchase is scheduled to be completed on April 1 next year, it said.
Hussmann, which makes refrigerators for commercial customers, has strong footings in the United States, Mexico and New Zealand, Panasonic said.