Panasonic may bolster finances by selling healthcare business
(City A.M. (UK) Via Acquire Media NewsEdge) JAPAN'S Panasonic is considering selling its healthcare business to raise cash as the consumer electronics maker fights to end losses with flat-panel televisions, two sources familiar with the matter said yesterday.
The troubled consumer electronics company has been selling assets, including real estate, to strengthen its finances.
"As a part of our growth strategy, we are considering a number of options," a Panasonic spokeswomen said.
Panasonic, which has been hit by a global decline in television sales, was planning to sell the profitable healthcare business for about ¥100 bn (£693m), the Kyodo agency reported, quoting industry sources. The electronics company wanted to sell the entire business to one buyer, although it would also consider selling it off in parts, Kyodo said.
Panasonic's healthcare business involves electronic medical chart systems and blood-sugar monitoring devices.
The company has this month sold a central Tokyo building for around ¥50bn to two Japanese investors. This was the third such sale in recent months.
(c) 2013 City A.M.
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