Panasonic to sell Sanyo TV unit in U.S. to Funai Electric -Nikkei
TOKYO Oct 26 (Reuters) - Panasonic Corp plans to sell its Sanyo television unit in the U.S., which supplies sets to Wal-Mart Stores, to Funai Electric as it steps back from unprofitable businesses, the Nihon Keizai newspaper reported.
The sale of the unit, which ships about 1 million set to the U.S. retailer a year, generating about 30 billion yen ($277.4 million) in sales, will likely be completed before the end of March, the paper said, without saying were it obtained the information.
Shedding the Sanyo business fits with Panasonic's strategy of pulling back for consumer electronics in a bid to improve profitability. The company is focusing on household appliance, automotive devices such as batteries, and other industrial components.
The report did not say how much Panasonic aimed to get from selling the Sanyo subsidiary. Japan-based Funai Electric is already a major supplier to Wal-Mart, selling it Philips and Emerson-branded televisions for its stores. (1 US dollar = 108.1400 Japanese yen) (Reporting by Tim Kelly; Editing by Richard Borsuk)
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