Sanyo to sell chip unit to On Semi, says report
July 05, 2010 // Peter Clarke
Sanyo Electric Co. Ltd. plans to sell its loss-making semiconductor subsidiary to On Semiconductor Corp., according to a Kyodo News International report, which cited unnamed sources.
The two companies are in discussions over the price which is likely to be in the range 20 billion yen to 30 billion yen (about $220 million to $350 million) but agreement is expected before the end of July, the report said.
Sanyo Semiconductor makes analog ICs for On Semiconductor products and made a 7.1 billion yen (about $80 million) loss on sales of 99.5 billion yen (about $1.1 billion) in the year to March 2010, the report said. On Semiconductor is a maker of a broad range of analog and mixed-signal ICs and was formed by a spin-off from Motorola's semiconductor product division in 1999.
The sale comes after Panasonic formed a capital and business partnership with Sanyo in December 2008, with a subsequent takeover completed on Dec. 21, 2009.
In late May, Sanyo Electric said it would sell shares of its distribution unit Sanyo Electric Logistics Co. to a Japanese investment fund, pulling out of distribution operations.
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