Panasonic Electronics Inc. will merge with Panasonic Corp. to create the world’s biggest electronics company, Bloomberg reported Wednesday.
The deal will make Panasonic one of the biggest electronics companies in the world, Bloomberg said.
It was first reported by The Wall Street Journal.
The company will also combine its industrial design and manufacturing businesses, which make consumer electronics, televisions, mobile phones, and energy-efficient lighting systems, the Wall Street News said.
The merger would create a company with about $1 billion in annual revenue, according to the Bloomberg report.
Panasonic said the deal was completed this week.
The news comes as Panasonic Corp., the worlds largest maker of televisions and smartphones, reported disappointing fourth-quarter earnings.
The Tokyo-based electronics maker reported an 11.2 percent decline in the third quarter, or $13.9 billion.
Revenue fell $1 per share in the period to $1,634.8 billion.
The company also said it is seeking additional financing for its business as it tries to address the impact of the earthquake and tsunami in northeastern Japan.
Panasonic, the world leader in electronic and computer products, will be able to expand its products to include home and light-energy appliances, it said.