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Panasonic to push green technology
Panasonic aims to triple its sales in three years while promoting green technologies
Panasonic has said it aims to triple its sales in three years even while promoting green technologies.
The Japanese electronics giant is targeting revenue of 9.5 trillion yen (£63.5 billion) in the fiscal year ending March 2013, up from the 7 trillion yen (£47 billion) it estimates this year.
Panasonic, the world's biggest maker of plasma TVs, said it intends to transform its energy systems division into its flagship business - a goal made possible by its recent $4.6 billion (£2.8 billion) takeover of Sanyo Electric Company.
Panasonic can now draw upon Sanyo's expertise in solar panels and rechargeable batteries, bolstering its resources in the race to dominate the green electronics market.
"The two brands will work closely to learn from each other and bring together the wisdom of each company," Panasonic said in a statement.
The Osaka-based company said it will invest about 100 billion yen (£.67 billion) over six years to expand production of Sanyo's solar cells.
It seeks top market share in Japan in three years, and aims for top-three status globally by fiscal 2016.
It also wants at least 40% global market share of lithium-ion rechargeable batteries by 2016.