Panasonic Corporation (NYSE:PC)(TOKYO:6752)("Panasonic") today announced
that SANYO Electric Co., Ltd., a subsidiary of Panasonic, has formed an
agreement on the transfer of all the shares of SANYO DI Solutions Co.,
Ltd., which operates the digital camera and digital movie camera
There shall be no effect on the consolidated financial outlook of
Panasonic for fiscal year ending March 31, 2013.For further
detail, please see the attached.
For ReferenceThis material is a translation into
English of the original Japanese news release
Panasonic GroupSANYO Electric Co., Ltd.
Transfer of Digital Camera and Digital Movie
Osaka, Japan - December 21, 2012 - SANYO Electric Co., Ltd. (SANYO
Electric) of the Panasonic Group announced that SANYO Electric and the
special purpose company AP26, which has a capital subscription from a
fund with services provided by Advantage Partners, LLP (AP), have formed
an agreement on the transfer of all the shares of SANYO DI Solutions
Co., Ltd. (SANYO DI), which operates the digital camera and digital
movie camera businesses as of March 31, 2013.
SANYO Electric split off its digital camera and digital movie camera
businesses as of July 1, 2012 into the separate company of SANYO DI in
order to speed up decision making and reinforce a strong firewall, and
took various measures to strengthen its businesses. However, in order to
maintain competitiveness within this increasingly fierce market and to
provide high-value products to the brand manufacturers as its customers,
it was decided that it would be for the best to run the businesses under
a partner able to make the optimum use of SANYO DI's technology and with
a strong connection to its customers and to expand these businesses.
In regards to the transfer partner meeting these conditions, SANYO
Electric chose AP due to its strong record of investments in Japan and
its knowhow on measures to improve corporate value, and decided to make
the transfer to AP26. SANYO DI will act as a firm foundation for an
independent business under AP and will become able to make active
business developments towards growth.
Outline of SANYO DI Solutions
Outline of Advantage Partners
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