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Sanyo deal hits Panasonic results

Panasonic Corp. said the acquisition of a majority stake in Sanyo Electric Co. will weigh on its full-year results and change its future investment priorities from flat-panel televisions to energy-related products like electric-car batteries and solar panels.

In December, Panasonic completed its JPY400-billion (USD4.5-billion) acquisition of a 50.2-percent stake in Sanyo, the world’s largest maker of rechargeable batteries by market share and a major manufacturer of solar panels. The deal elevates the company’s energy business as a main pillar of future revenue alongside its traditional consumer-electronics business.

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(Source: The Wall Street Journal Online)