Sanyo's White Goods Business Sold To Chinese Company

According to reports in Japanese local media, Haier Group will acquire Sanyo's white goods business from Panasonic.

The reports state that Sanyo will sell the entire equity of nearly ten washing machine and refrigerator companies in Japan and Southeast Asia as well as other white goods businesses with total value of nearly JPY70 billion. Haier will pay about JPY10 billion for the transaction and will take over 2,000 employees.

Sanyo became a subsidiary of Panasonic in 2009. With this new move, Sanyo will fully withdraw from the Japanese and Southeast Asian white goods markets, aiming to further focus on the battery sector.

In the 2010 global refrigerator market, Haier ranked first with 12.6% market share and Sanyo ranked seventh with 4.4% market share; while in the washing machine market, Haier ranked second with 9.2% market share and Sanyo ranked sixth with 5.5% market share. Meanwhile, Sanyo occupied 15% market share in the Japanese washing machine market and 30% market share in the Vietnamese refrigerator market.

Companies involved in the transaction include Sanyo's wholly-owned washing machine company Sanyo Aqua and Haier Sanyo Electric, a refrigerator research and developed joint venture established by Haier and Sanyo.