Balmuda, an independent company with Panasonic being the largest shareholder (as of 2024). Panasonic actually owns a majority share of Balmuda. But it’s not a merger or buyout kind of thing where Balmuda becomes just an in-name only division of the Panasonic Corporation.
The relationship is more of a partnership, where there is synergy involved. e.g., Balmuda manufactured their own small appliances till about the mid 2010's when they introduced production of their The Toaster, The Brew, The Kettle, The Range, and The Gohan (The Range actually launched production in 2022)
