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Panasonic to sell Sanyo appliance segment to Haier

Thu, 07/28/2011 - 1:06am
The Associated Press

Panasonic has agreed to sell its Sanyo brand's washing machine and refrigerator business in Japan and Southeast Asia to Chinese rival Haier.

Panasonic Corp. said Thursday the agreement with Haier was part of a bigger effort to reshape its operations.

It did not give a value for the deal. It would be the first large-scale acquisition of a major Japanese consumer appliance business by a Chinese company.

Panasonic is in the middle of streamlining its businesses this year after acquiring Sanyo Electronics Co.

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