After negotiations with Sanyo’s top-three stakeholders, electronics giant Panasonic has agreed to buy Sanyo, it has been reported in Japan.
A report in the Nikkei Business Daily on Monday 3 November, states that a deal could be approved by the end of the week.
Sanyo is the world’s largest manufacturer of lithium-ion batteries, and the newspaper reports that the takeover would result in Japan’s largest electronics manufacturer.
The takeover completes a circular path for Sanyo, as its family ties to Panasonic stretch back to its founding in 1947 by Toshio Iue. Iue was the brother-in-law of Panasonic founder Konosuke Matsushita, and a former Panasonic employee. Recent financial performance has been poor, but in the year ending March 2008, Sanyo posted its first profit for four years.
Sanyo brand retained for electronics and appliances
The Kyodo news agency said that the two companies have agreed that Sanyo’s management independence will be respected and both corporate and brand names will be maintained.
The Sanyo brand offers a range of entertainment and domestic appliances for the UK market. These include flatscreen TVs, digital cameras and camcorders, DVD recorders, and MP3 players. Small electric appliances include vacuum cleaners, microwaves and electric shavers.
In Which?’s most recent TV brand reliability survey Sanyo scored 94%, while Panasonic scored 96%. Which? also has a including Panasonic.
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