Reuters: Technology News: Sanyo may cease to exist under Panasonic reorganization: Nikkei

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Sanyo may cease to exist under Panasonic reorganization: Nikkei May 17th 2013, 19:21 Tweet Share this Email Print Related News Panasonic sees profit rising 55 percent in shift from consumer gadgets Fri, May 10 2013 US safety board seeks lesson in Boeing 787 battery fire Tue, Apr 23 2013 Dreamliner set to fly in a week as Boeing fixes battery Mon, Apr 22 2013 FAA approves Boeing Dreamliner battery system design Sat, Apr 20 2013 Sanyo Electric Co's logo is pictured on a building in Tokyo February 5, 2009. Credit: Reuters/Yuriko Nakao Fri May 17, 2013 3:21pm EDT (Reuters) - Sanyo Electric Co may cease to exist under a reorganization by Panasonic Corp that includes global jobs cuts, Nikkei reported on Friday. Panasonic will cut 90 percent of Sanyo's global workforce of about 2,500 in around three years, the daily reported. About 1,000 workers at Sanyo's headquarters will be reduced to around 100 this fiscal year, leaving just a skeleton crew for handling legal matters, managing intellectual property and other tasks. Panasonic may decide to absorb the unit entirely, the Nikkei said. Panasonic bought rival Sanyo, a leading maker of lithium ion batteries and solar panels in 2010. The acquisition however, failed to bring in the growth that Panasonic had expected, as the battery business was hurt due to emergence of South Korean competitors and a strengthening yen. This was followed by the slump in digital appliances, and Panasonic sold off several of Sanyo's operations, the Nikkei said. In December, Panasonic sold its Sanyo digital and digital movie camera business to Japanese private equity fund Advantage Partners for an undisclosed sum. (Reporting by Neha Alawadhi in Bangalore; Editing by Joyjeet Das) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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