Pioneer Corporation, the global car electronics company, and Baring Private Equity Asia, announced the Pioneer Revitalization Plan. The Plan comprises a ¥77bn ($683m) investment from BPEA in Pioneer and a cash offer from BPEA to existing Pioneer shareholders of approximately ¥25bn ($222m). “I believe BPEA shares our vision for a return to growth, making it the best partner to implement the Pioneer Revitalization Plan. Mindful of my responsibilities as Pioneer’s leader, it was only after very careful consideration that I concluded that an alliance with BPEA is imperative to the success of the Pioneer Revitalization Plan. My mission is to help revitalize Pioneer as quickly as possible and return the Company to a position where it can deliver products and services that delight all of our customers." Koichi Moriya, Pioneer President and CEO.