Recovery plan
Source: Bloomberg News |
March 6, 2013, Wednesday
|
Print Edition
Print Edition
PANASONIC Corp is selling a building in Tokyo for 50 billion yen (US$537 million) as the electronics maker tries to recover from losses of above 1.3 trillion yen in the past two years.
Japan's No. 2 TV maker is selling the office building in Tokyo's Shiodome ward, said Megumi Kitagawa, a spokeswoman. Sumitomo Mitsui Finance & Leasing Co will acquire 90 percent of the rights to the property, and Nippon Building Fund Inc said it would buy 10 percent.
The sale of the building is already reflected in Panasonic's fiscal-year forecasts, Kitagawa said. The maker of Viera TVs is cutting jobs and reducing the number of business units after posting a 772 billion-yen net loss in the year ended March 2012 amid competition from Apple Inc and Samsung Electronics Co.
Japan's No. 2 TV maker is selling the office building in Tokyo's Shiodome ward, said Megumi Kitagawa, a spokeswoman. Sumitomo Mitsui Finance & Leasing Co will acquire 90 percent of the rights to the property, and Nippon Building Fund Inc said it would buy 10 percent.
The sale of the building is already reflected in Panasonic's fiscal-year forecasts, Kitagawa said. The maker of Viera TVs is cutting jobs and reducing the number of business units after posting a 772 billion-yen net loss in the year ended March 2012 amid competition from Apple Inc and Samsung Electronics Co.
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