Panasonic Electric Works and Hilti will set up a joint manufacturing venture in Shanghai, China. The new company manufactures cordless screwdrivers for Hilti in Shanghai, China, and will be named Panasonic Electric Works Power Tools Ltd.
Panasonic Electric Works Power Tools plans to begin operations in March 2009 with 60 employees. A total of $2.1 million will be invested in the venture. Panasonic Electric Works will invest 51 percent of the total shares, and Hilti will invest 49 percent via Hilti Asia, a subsidiary of Hilti Corporation.