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Panasonic Corp. said Thursday it has started its bid to take over smaller rival Sanyo Electric Co. for an estimated 402 billion yen ($4.4 billion), moving closer to create one of the world's biggest electronics makers.
Panasonic Corp. and Sanyo Electric Co. must sell off a European plant that makes batteries to win EU antitrust approval for the $9 billion deal creating one of the world's biggest electronics makers, the EU said Tuesday.
Sanyo Electric Co. sank to an annual loss because of declining sales, the strong yen and rising material costs, but expects to muster a small profit this fiscal year.
Sanyo, which is being acquired by larger Japanese rival Panasonic Corp., said Thursday it sank to a loss for the fiscal third quarter because of declining sales and a strong yen.
Japanese electronics maker Sanyo Electric Co. said Thursday it will cut 1,200 jobs globally and barely break even in the fiscal year through March as sales get battered by sinking global demand and a strengthening yen.
Sanyo Electric Corp. is considering cutting up to 1,000 domestic workers in the next few months, as it scales back unprofitable businesses ahead of an expected buyout by Panasonic Corp., a press report said Tuesday.
Panasonic has begun a 800 billion yen ($9 billion) takeover of Japanese rival Sanyo, hoping that transforming into one of the world's biggest electronics companies will help it weather the toughest business conditions in a century.
Panasonic has begun talks to take over smaller Japanese rival Sanyo. A look at the two electronics makers:
Sanyo Electric Co., a troubled electronics maker that may get bought out by bigger Japanese rival Panasonic, reported Wednesday its second quarter profit dwindled to about a third of what it was a year earlier.
Panasonic and smaller Japanese rival Sanyo said Friday they are starting talks on a buyout deal that would create one of the world's largest electronics companies as soon as year-end.
Sanyo and Germany's Volkswagen AG will develop lithium-ion batteries for hybrid vehicles as global automakers race to develop more environmentally friendly technology.
Sanyo Electric Co., which has been struggling to turn around its scandal-plagued business, swung to profit in the fiscal year through March for the first time in four years, the Japanese electronics maker said Thursday.
Sanyo Electric Co. said Monday it will sell its troubled mobile phone operations to Kyocera Corp.
Scandal-plagued Sanyo said Tuesday it swung back to a profit for the six months through September as strong digital camera and rechargeable battery sales offset a decline in mobile phones and home appliances.
Troubled electronics maker Sanyo Electric Co. is in final negotiations to sell its mobile phone operations to Japanese rival Kyocera Corp., the companies said Thursday.
Sanyo and Nokia said Tuesday they will set up a joint venture to develop and make advanced cell phones, underlining the ambitions of the Japanese and Finnish manufacturers to grow globally in the increasingly competitive mobile market.
Recalled:National and Sanyo Hand-Held Hair DryersThe hair dryers are made of plastic and chrome with a fold up handle and were sold in blue, pink, white and black colors. The hair dryers are not equipped with an immersion protection device to prevent electrocution if the hair dryer falls into water.
As reported earlier, Panasonic's attempt to acquire Sanyo had been stalled due to the objection by Goldman Sachs, but it finally goes through today. The total deal size will be at least 560 bil. yen, or up to 800 bil.
Panasonic's attempt to acquire Sanyo (minus mobile phone handset division, which was already sold to Kyocera) continues.
Panasonic aims to take over Sanyo Japanese electronic rivals Panasonic and Sanyo are starting alliance talks, which could result in Panasonic taking over the smaller company.
Sanyo to Team up With Volkswagen in Hybrid BatteriesVolkswagen AG will team up with Japan's Sanyo Electric to develop a lithium-ion battery for next-generation hybrid vehicles, the company announced May 28.
Sanyo president follows chairman out the doorThe respected but hardly fashionable Sanyo has been struggling for the past few years in Japan and worldwide, but the current situation can fairly be described as critical to the Japanese giant.
Lenovo recalls 100,000 laptop batteriesLenovo Inc. recalled about 100,000 laptop computer batteries Thursday, warning that they could overheat and cause a fire.
Safer laptop batteries producedA heatproof battery for laptops, which could help solve recent problems with overheating, is to be mass produced by Japanese firm Matsushita. It follows a series of incidents where batteries overheated or caught fire.
Sanyo Releases Solar Charger and Rechargeable HeaterLast year, Sanyo introduced their rechargeable Eneloop batteries, which had the advantage of being charged when you purchase them, just like alkaline batteries (see more details here). Unlike alkalines, Eneloops can be recycled like other NiMH-based batteries.
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