Sanyo: No plan to shut businesses because of takeover
Published on Thu, Dec 24, 2009 at 11:51 | Source : Reuters
Updated at Thu, Dec 24, 2009 at 16:52
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Sanyo: No plan to shut businesses because of takeover
Japan's Sanyo Electric Co Ltd said its takeover by Panasonic Corp is unlikely to cause the world's largest rechargeable battery maker to withdraw from any of its existing businesses.
Japan's Sanyo Electric Co Ltd said its takeover by Panasonic Corp is unlikely to cause the world's largest rechargeable battery maker to withdraw from any of its existing businesses.
Panasonic this month acquired a majority stake in Sanyo, raising investor concerns over the fate of some of Sanyo's operations that overlap with Panasonic's, such as microchips and household appliances.
"Our new ties with Panasonic seem to have made some people worry about potential business closures. I have no such plan in my mind," Sanyo President Seiichiro Sano told a group of reporters on Thursday.
"We might need to be more selective with our business portfolio and we might need to shuffle human resources between operations. But that's what we'll do on our own, not because there are some overlaps with Panasonic," he said.
The new Panasonic group has a strong presence in the market for auto-use rechargeable batteries.
Customers for Sanyo's hybrid car batteries include Honda Motor Co Ltd, Ford Motor Co and PSA Peugeot Citroen, while Panasonic runs a joint venture with Toyota Motor Corp to develop and make hybrid and electric car batteries.
Shares in Sanyo were down 1.2 percent at 171 yen, underperforming the Nikkei average, which gained 1.5 percent.
