Panasonic reports quarterly loss on quake, tsunami

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Under the deal, Haier will acquire a range of Sanyo businesses, including washing machines, refrigerators, air-conditioners, microwaves, vacuum cleaners, rice-cookers, coffee-makers, juicers, toasters and irons in Japan, Indonesia, Malaysia, the Philippines and Vietnam, it said in a statement.

Haier aims to be a leader in the global white goods business,” said Du.

“Acquiring the white goods business of Sanyo is an important part of Haier’s overall growth strategy,” he said.

Sanyo said the deal will ensure employees have jobs and that consumers will continue to enjoy Sanyo products.

Panasonic officials said they were confident about competing because of Panasonic’s strengths in more sophisticated gadgets and ecological technology.

Panasonic stock inched up 0.5 percent to close at 929 yen in Tokyo, where trading ended before earnings were announced.

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AP Business Writer Joe McDonald in Beijing contributed. Yuri Kageyama can be reached at http://twitter.com/yurikageyama

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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