China’s Haier Group Corporation has acquired businesses operating under the Sanyo Electric Co., Ltd brand name in Southeast Asia, including Vietnam.
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| Signing ceremony between Sanyo and Haier |
The two sides signed a final agreement on the deal on October 18 in Shandong Province, China, following a memorandum of understanding reached on July 28.
Under the agreement, Haier will buy Sanyo’s washing machine and consumer use refrigerator businesses in Japan, and washing machine, consumer use refrigerator and other consumer electric appliance businesses in Indonesia, Malaysia, the Philippines and Vietnam.
Both parties agreed that Haier would market products under the Sanyo brand for a specified period of time in these markets.
A total of 3,100 Sanyo staff will be transferred to Haier, including 340 from Sanyo’s facilities in Japan.
Sanyo has been voted the number one brand in Vietnam for washing machines, refrigerators and microwave ovens by market research firm GFK. Sanyo Electric Co., Ltd. is a member of the Panasonic Group.