MANILA, Philippines - Panasonic Manufacturing Philippine Corporation (PMPC) is acquiring the cold chain business of appliance firm Sanyo Philippines Inc. effective April 1, 2012.
In a disclosure to the Philippine Stock Exchange, PMPC said the acquisition is expected to generate annual sales of P120 million.
PMPC’s parent firm in Japan Panasonic Corp. last year sold the household appliance business of its subsidiary Sanyo Electric to China’s Haier Group for $130 million.
Panasonic and Sanyo officials were not immediately available for comment.
PMPC is a manufacturer, importer and distributor of electronic, electrical, mechanical, electro-mechanical appliances, other types of machinery, parts and components, battery and other related products bearing the “Panasonic” brand.
The primary products of the company are refrigerator, air conditioner, television, and washing machine. Other products of the PMPC include electric fans, freezers, digital AV products, communications equipment/devices, office automation equipment, cooling equipment, and various kitchen and home appliances. These products are grouped into the following segments: AVC Networks, Home Appliances, and Others.
PMPC holds 40 percent ownership interest in the Precision Electronics Realty Corporation, which is engaged in the business of realty brokerage.