OSAKA – Major consumer electronics retailer Edion Corp. said Monday that it will partner with Lixil Group Corp., Japan’s largest maker of housing fixtures, to strengthen its home renovation business and receive a capital infusion.
Lixil, known for the Inax brand of kitchen and bathroom equipment and Tostem windows and doors, will control 8 percent of Edion by buying ¥4.9 billion in shares in a transaction to be done by Sept. 11.
Lixil is also considering a similar alliance with Sharp Corp., a struggling electronics maker, as part of its strategy to expand business through cross-industry collaboration.
Edion will broaden its current range of Lixil offerings for toilets and kitchens to include window and sash products. It will also increase flooring and other services through Lixil’s network.
Like other home electronics retailers, slow sales of flat-screen TVs hurt Edion. It swung into a consolidated loss of ¥2.6 billion for the just-ended fiscal year, from a profit of ¥3.6 billion a year earlier.
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