Mergers and Acquistions News
Categories: Hardware
December 9th 2010, 16:28PM
Around 400 employees of Sanyo Electrics Company's chip making business, Sanyo Semiconductor Company, will retire next month prior to its sale to ON Semiconductor Corporation, Reuters reported the Nikkei Business Daily as saying.
It explained that Sanyo is expected to post a third consolidated loss due to the retirement allowances and severance it will pay to the retiring employees, Reuters said.
Sanyo announced the sale in June, for 33 billion yen ($373 million).
The 400 or so staff are retiring now because they do not want to be transferred to ON Semiconductor or any other Sanyo division, Reuters said.
Today (December 9th), Sanyo announced it had agreed to transfer its owned stocks of its subsidiary Sanyo Seimitsu to NIDEC, a manufacturer of machine motors.
Sanyo Seimitsu is a maker of precision motors for electrical devices like printers and shavers.
While Sanyo said Seimitsu holds a top class share in the industry, it explained that the mini precision motor business has been severely affected, with a deceleration of market growth and heightened competition.
"Under these circumstances, to ensure the continuous development of SANYO Seimitsu, SANYO has decided to transfer its motor business to NIDEC, the leading company in the motor business industry," the firm said.
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