Sanyo Electric Co. said it will sell its mobile phone operations to Kyocera Corp.
The two electronics companies have said the value of the business to be transferred is about US$375 million, or 40 billion yen. The sale of the mobile phone unit comes months after Goldman Sachs and other investors saved Sanyo in a $2.8 billion bailout.
Under the agreement, about 2000 employees in Sanyo's mobile phone operation will be transferred to Kyocera, which will continue to use the Sanyo brand on handsets at home and overseas.
to Daily News