Japan'sSanyo Electric has agreed to sell its loss-making mobile phone businessto Kyocera, a deal that should see Kyocera jump from tenth-placed tothe world's seventh-largest cellphone provider.
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The sellingprice has yet to be set, a Sanyo spokesman said. But the Nikkeibusiness daily reported earlier on Thursday (October 11) that Kyoceraoffered ?70bn yen (?290m) for Sanyo's mobile phone operations, which iscurrently the 11th largest maker of mobile phones, according toresearch firm Gartner.
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Sanyo and most other Japanese cellphonemakers are in a tough position as they compete outside Japan with muchlarger rivals such as Finland's Nokia and Motorola of the US, and facea maturing market at home.
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The sale of the cellphone operationsis the latest step by Sanyo, restructuring with the help of shareholderGoldman Sachs, to shed non-core or struggling businesses in order tofocus on key operations such as rechargeable batteries.
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Sanyo,which booked a net loss for the three business years through March,sold its stake in leasing firm Sanyo Electric Credit to GeneralElectric this year and is seeking a buyer for its microchip unit.Several private-equity firms have been named as possible acquirers ofthe business unit, although Francisco Partners is understood to havepulled out of negotiations in August.
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2007-10-16
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