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Daily News

Sanyo Electric Sells Tokyo Building to Control Costs
Jun 13, 2003
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Sanyo Electric Co. said Thursday that it sold a Tokyo office building to Japanese soccer organizations for an undisclosed price as part of its drive to improve finances.

The Japanese consumer electronics will sell its "Tokyo Marketing Plaza" building to the Japan Football Association and the Japan Organizing Committee for the 2002 FIFA World Cup Korea/Japan

The move is based on Sanyo's efforts to improve cash flow by selling unprofitable operations and real estate, the company said.

However, the deal won't affect the manufacturer’s earnings forecasts for the current fiscal year ending March 2004, Sanyo said. (Dow Jones)

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