National

Ailing Sanyo asks employees to buy company products

Kyodo

Sanyo Electric Co. has asked all employees in its domestic group companies to buy as much as 2 million yen worth of Sanyo products by the end of March, company sources said Saturday.

The move is aimed at making up for losses stemming mainly from the October earthquakes in Niigata Prefecture.

Division chiefs were asked to buy up to 500,000 yen and rank-and-file employees 200,000 yen, the sources said.

The initiative also covers purchases of other Sanyo products such as insurance.

Employees can include purchases by relatives and acquaintances in their buying amount, the sources said.

If each Sanyo group employee satisfies the company’s target, the group will boost its sales by about 16 billion yen, they said.

Sanyo said in December it expects to post a group net loss of 71 billion yen for the current business year ending March 31, as the October’s earthquakes hit facilities at semiconductor subsidiary Niigata Sanyo Electric Co.