Consumer electronics giant Panasonic Corp. said Wednesday it will sell Sanyo Techno Solutions Tottori Co., an electronics unit of new subsidiary Sanyo Electric Co., to an investment fund on March 31.
A special purpose company owned by Tokyo-based J-Will Partners Co. will acquire the maker of industrial-use electronic equipment in Tottori Prefecture and take over its 220 employees. The sale price has not been disclosed.
Sanyo Techno Solutions Tottori will retain its name and maintain business relations with Panasonic.
"We will aim to gain new customers to establish ourselves as an independent company," Hiroshi Tanuma, one of its executives, said at a press conference in Tottori.
"We expect the firm to remain deep-rooted in Tottori, expand operations and create new jobs," Tottori Gov. Shinji Hirai said in a statement.
After the sale of the last Sanyo unit in the Panasonic group, Panasonic will take over all of some 7,000 Sanyo employees in April, completing the veteran electronics maker's restructuring since it became a wholly owned subsidiary in 2011.