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Panasonic to sell camera business
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Panasonic seems to be planning to flog its Sanyo digital camera business to Japanese private equity fund Advantage Partners by the end of March.
Apparently a final decision will be made by the end of the year, but it appears that the sale is almost certain to go ahead. Under the deal Advantage Partners will pay several hundreds of millions of yen for the business, which makes digital cameras for Olympus.
According to the Nikkei business daily Panasonic declined to comment but it does have to sort out its finances. The Japanese company aims to sell $1.34 billion of assets, including buildings and land by the end of March. The company expects an annual net loss of close to $10 billion as it writes off billions in deferred tax assets and goodwill.
Panasonic bought its rival Sanyo in 2010. Sales of compact digital cameras are under pressure as people take snaps with their telephones rather than cheap and cheerful point and clicks.