Sell off: Panasonic to sell birthplace TV business
The price tag is estimated at $97 million.
TOKYO:
Japan’s electronics giant Panasonic will sell the plant where it first got into the television business half a century ago as it shifts away from the money-losing division, a report said Saturday. The company plans to sell 60% of the plant’s 120,000-square metre site in Ibaraki, near the western city of Osaka, to Japan’s major homebuilder Daiwa House by early next year, the business daily Nikkei said. The price tag is estimated at 10 billion yen ($97 million). Daiwa House is expected to build a large-scale logistics facility at the site and lease it to parcel delivery company Yamato Holdings Co., Nikkei said. Panasonic is also considering selling the remaining 40% of the site to the municipal administration of Ibaraki and its homebuilding unit, PanaHome, Nikkei said. Panasonic said in April it posted its first annual net profit in three years and reversed a huge loss suffered in the previous 12 months as it presses on with a sweeping restructuring.
Published in The Express Tribune, June 22nd, 2014.
Japan’s electronics giant Panasonic will sell the plant where it first got into the television business half a century ago as it shifts away from the money-losing division, a report said Saturday. The company plans to sell 60% of the plant’s 120,000-square metre site in Ibaraki, near the western city of Osaka, to Japan’s major homebuilder Daiwa House by early next year, the business daily Nikkei said. The price tag is estimated at 10 billion yen ($97 million). Daiwa House is expected to build a large-scale logistics facility at the site and lease it to parcel delivery company Yamato Holdings Co., Nikkei said. Panasonic is also considering selling the remaining 40% of the site to the municipal administration of Ibaraki and its homebuilding unit, PanaHome, Nikkei said. Panasonic said in April it posted its first annual net profit in three years and reversed a huge loss suffered in the previous 12 months as it presses on with a sweeping restructuring.
Published in The Express Tribune, June 22nd, 2014.