Sanyo Electric Co. a subsidiary of Panasonic Corp. (6752), will sell its digital camera business to Advantage Partners. Sanyo spun off its digital camera and movie camera business section to Sanyo DI Solutions Co. in July this year to streamline operations. Sanyo and the special purpose company to be funded and managed by Advantage Partners entered into an agreement on the transfer of all the shares of Sanyo DI Solutions as of March 31, 2013. Financial terms are not disclosed.
An earlier report by The Nikkei said "The deal to sell all shares in Sanyo DI Solutions Co., along with its Indonesian factory, for an estimated several hundred million yen would close a chapter in the streamlining effort." "Sanyo's digital camera business manufactures products for Olympus Corp. (7733) and other brands on an OEM basis. Squeezed by the spread of smartphones sporting high-quality cameras, the market for digital compact models has shrunk. Sanyo's annual production has slumped to roughly 5 million units from a peak of 17 million, accounting for around 30% of global output at the time, with sales down from 220 billion yen in fiscal 2003 to tens of billions of yen. The business has apparently been mired in red ink."
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