Friday, November 18, 2005
OSAKA, Japan (Nov. 18) - Sanyo Electric Co., the worst performer on Japan's Nikkei 225 Stock Average in the past two years, forecast a record loss and said it will raise as much as 300 billion yen ($2.5 billion) by selling shares.
The electronics group needs cash to pay for a three-year plan to cut 15 % of the workforce, close factories and invest in environment-related business such as solar panels and batteries.
Chief Executive Tomoyo Nonaka is heading a sprawling group founded on a bicycle light factory in 1947 after competition with Chinese manufacturers eroded earnings, causing a 39 % slump in Sanyo shares in the past two years. Sanyo today said it may spin off its semiconductors, seek an alliance in its television business and stop producing some flat-screen TVs.
Shares of Sanyo, the world's biggest maker of rechargeable batteries, rose 2.5 % to 292 yen (€ 2.09) at the 3 p.m. Tokyo close.
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