TMCnet News
Sanyo to pull out of TV business in N. America(Japan Economic Newswire Via Acquire Media NewsEdge) Sanyo Electric Co., a group company of Panasonic Corp., plans to withdraw from the flat-panel television business in North America, sources familiar with the matter said Sunday. Sanyo had considered asking Panasonic to absorb the business but has decided to sell it to Funai Electric Co. to focus on efforts to eliminate losses of the Panasonic group's TV business, according to the sources. Sanyo earlier halted its TV production for the North America market and has been procuring TVs from Chinese consumer electronics maker TCL Corp. for supply to U.S. retail giant Wal-Mart Stores Inc. under the Sanyo brand. Those sales amount to roughly 30 billion yen a year, but Sanyo has opted for the withdrawal in view of the severe business environment, the sources said. Sanyo will sell the business to Funai on condition of the latter's retaining the Sanyo brand, which has high recognition in the North American market, they said. (c) 2014 Kyodo News |