Panasonic to absorb Sanyo's flat-panel TV business in N. America
(Japan Economic Newswire Via Acquire Media NewsEdge) OSAKA, Jan. 23 -- (Kyodo) _ Panasonic Corp. plans to absorb the flat-panel television operation run by subsidiary Sanyo Electric Co. in North America to sharpen its competitive edge in the electronics business, Panasonic sources said Thursday.
The move comes as Panasonic plans to integrate in April its digital audiovisual electronics operation including flat-panel TVs into the home electronics division involving refrigerators.
In North America, Sanyo ships around 3 million TVs annually to U.S. retail giant Wal-Mart Stores Inc. As the business has been profitable, Panasonic will retain the Sanyo brand there, the sources said.
The company will solicit voluntary retirements for Sanyo's 30 to 40 employees at home who are associated with the business, the sources said.
After the absorption of its TV business by Panasonic, Sanyo's major operation will be limited to the production of electronic devices by its subsidiary Sanyo Techno Solutions Tottori Co.
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