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Thursday, July 28, 2011
Panasonic to Transfer Sanyo's "White Goods" Business To Haier Group

SANYO Electric Co., Ltd., a member of the Panasonic Group, today announced that it has signed a Memorandum of Understanding (MOU) to transfer its consumer and commercial use washing machine businesses, consumer use refrigerator business and its white goods sales businesses of four countries in Southeast Asia to Haier Group.

Panasonic said that SANYO's consumer and commercial use washing machine businesses and consumer use refrigerator businesses was overlapping with the white goods businesses in the global strategy of the Panasonic Group, and as such, it has become necessary to carry out structural reorganization within the group.

SANYO has come to the decision to transfer these businesses to Haier Group. All shares of SANYO Aqua Corporation (a Japan-based manufacturing and sales company of both consumer and commercial use washing machines) and all shares of Konan Denki Co., Ltd. (a Japan-based manufacturer of consumer use washing machines) held by SANYO will be transferred to Haier Group. In addition, all shares of Haier Sanyo Electric Co., Ltd. (a Japan-based developer and engineer of consumer use refrigerators) and HAIER ELECTRIC THAILAND LTD. (a manufacturer of consumer use refrigerators) held by SANYO will be transferred to Haier Group.

In Southeast Asia, SANYO HA ASEAN CORPORATION (a Vietnam-based manufacturer and distributor of refrigerators, washing machines and other products), P.T. SANYO nINDONESIA (manufacturer), P.T. SANYO Sales Indonesia (a sales company), SANYO Philippines Inc. and SANYO SALES AND SERVICE SDN. BHD. (Malaysia-based) will be transferred to Haier Group.

Haier Group will be granted the rights to sell certain white goods, including washing machines, refrigerators, air conditioners, televisions and other consumer electric appliances in Vietnam, Indonesia, the Philippines and Malaysia under the SANYO brand for a fixed period of time.

"Acquiring the white goods business of SANYO is an important part of Haier's overall growth strategy. Today?s announcement has laid the foundation for Haier's strategic structure in Japan and Southeast Asia with two R&D centers, four manufacturing bases and six localized marketing centers, which can better cater to the ever-growing and dynamic needs of consumers in the region, as well as contribute to our sustainable growth. We look forward to working with SANYO's team for the successful completion of this important milestone for both companies," said Mr. Du Jingguo, Vice President of Haier Group.

Mr. Mitsuru Homma, Executive Vice President of SANYO Electric Co., Ltd. commented, "Through the transfer of our washing machine and consumer refrigerator businesses to Haier Group, we have been able to secure the positions of the employees engaged in the businesses and ensure the continuity of the business, and we believe that the transfer will allow the customers in each region to receive the same service as before."

In preparation for the gradual closing to be completed by the end of March, 2012, the two companies will push forward with negotiations and are aiming to enter into the final agreement by the end of September, 2011.

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