Panasonic to sell Sanyo digital camera business to private equity fund
TOKYO (Reuters) - Panasonic Corp (6752.T) said on Friday that it would sell its Sanyo digital and digital movie camera business to Japanese private equity fund Advantage Partners for an undisclosed sum.
Panasonic aims to sell 110 billion yen ($1.30 billion) of assets, including buildings and land, by the end of March to boost free cash flow to 200 billion yen for the business year.
Panasonic acquired rival Sanyo, a leading maker of lithium ion batteries and solar panels, in 2010. Sales of compact digital cameras are under pressure from increasingly powerful smartphones.
($1 = 84.39 Japanese yen)
(Reporting by Tokyo Newsroom; Editing by Ron Popeski)
- Tweet this
- Share this
- Digg this
- Iran hangs woman convicted of killing alleged rapist
- Google's Pichai to oversee major products and services
- Maker of U.S. highway guardrails stops shipments over safety concerns
- UPDATE 1-UK's Labour suffers setback as leader in Scotland quits
- India picks Israel's Spike anti-tank missile over U.S. Javelin - source