Sanyo Electric Co., Ltd. (Tokyo) plans to sell much of its major appliance business to China's Haier Group. The sale includes Sanyo's consumer and commercial washing machine businesses, consumer refrigerator business, and white goods sales businesses in four Southeast Asian countries to Haier Group.
Sanyo's major appliance business became largely redundant after the company's 2009 acquisition by Panasonic Group, which has its own major appliance business.
Sanyo will transfer all shares of the following companies to Haier Group:
• Sanyo Aqua Corp., a Japan-based manufacturing and sales company of both consumer and commercial use washing machines.
• Konan Denki Co., Ltd., a Japan-based manufacturer of consumer use washing machines.
• Haier Sanyo Electric Co., Ltd., a Japan-based developer and engineer of consumer refrigerators.
• Haier Electric Thailand Ltd., manufacturer of consumer refrigerators.
The following companies will also be transferred to Haier:
• Sanyo Ha Asean Corp., a Vietnam-based manufacturer and distributor of refrigerators, washing machines, and other products.
• P.T. Sanyo Indonesia, an Indonesian manufacturing company.
• P.T. Sanyo Sales Indonesia.
• Sanyo Philippines Inc.
• Sanyo Sales and Service Sdn. Bhd., in Malaysia
Haier Group will have the rights to use the Sanyo brand name on washing machines, refrigerators, air-conditioners, TVs, and other consumer appliances in Vietnam, Indonesia, the Philippines, and Malaysia under the SANYO brand for a limited, but unspecified, period of time.
"Today's announcement has laid the foundation for Haier's strategic structure in Japan and Southeast Asia with two R&D centers, four manufacturing bases, and six localized marketing centers, which can better cater to the ever-growing and dynamic needs of consumers in the region, as well as contribute to our sustainable growth," said Mr. Du Jingguo, vice president of Haier Group.
"Through the transfer of our washing machine and consumer refrigerator businesses to Haier Group, we have been able to secure the positions of the employees engaged in the businesses and ensure the continuity of the business, and we believe that the transfer will allow the customers in each region to receive the same service as before," said Mr. Mitsuru Homma, Sanyo executive vice president.
The final agreement is expected in September and the deal is expected to close in March 2012.
to Daily News