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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Green at the heart of Panasonic's bid for Sanyo By YURI KAGEYAMA,AP Business Writer AP - Tuesday, November 18 TOKYO - Panasonic Corp.'s plans to take over rival Sanyo Electric Co. would create the world's second-largest electronics maker. But Panasonic already has plenty of gadgets. Instead, the crown jewels Panasonic wants from Sanyo are green. The ability to acquire Sanyo's two green-energy pillars, solar cell technology and rechargeable batteries, are what drove Panasonic to announce this month it would negotiate a deal with Sanyo's main stockholders, Goldman Sachs Inc., Daiwa Securities SMBC and Sumitomo Mitsui Banking Co. Analysts expect the price to be 500 billion to 850 billion yen ($5 billion to $8.5 billion). "We need another engine for growth," Panasonic President Fumio Ohtsubo told reporters, acknowledging that plunging gadget prices were eating away at electronics profits. "We need another pillar for far greater growth. And Sanyo was that best partner." While Sanyo's solar panels are being used to generate electricity for homes and businesses _ and are presumably going to enjoy higher demand because of climate-change fears _ Panasonic does not have a solar panel operation. Sanyo also leads in rechargeable batteries, widely used in laptops and mobile phones. Their uses are expected to grow in cars, such as hybrids and electric vehicles, as emissions standards tighten. Panasonic makes batteries for Toyota Motor Corp. vehicles, but picking up Sanyo would be key because it supplies batteries for Volkswagen AG, Honda Motor Co. and Ford Motor Co. About half of Sanyo's revenue in the first half of this fiscal year came from a category it calls components, including semiconductors, rechargeable batteries and solar technologies. Yet about 94 percent of its operating profit came from that sector. Sanyo lost money in its consumer electronics division. Credit Suisse analyst Koya Tabata cautions that the green business is a long-term investment. But he sees it as the main positive reason for Panasonic to buy Sanyo, because it is still a fledgling sector. A Panasonic-Sanyo deal would be part of a long-running realignment in Japan's crowded electronics industry. The shift began in the last decade as the Japanese took a hit from new rivals, often in China, that sold products more cheaply. In response, Japanese companies have sought to puff up their scale. For example, Panasonic has a partnership in liquid crystal displays for TVs with Hitachi Ltd. and Canon Inc., countering another Japanese TV panel alliance that groups Sony Corp., Toshiba Corp. and Sharp Corp. Yet Panasonic has a dismal track record in acquisitions. A Sanyo buyout would be a big test for Panasonic, which changed its name from Matsushita Electric Industrial Co. last month, partly because of its ambitions to become a global player. Panasonic sank into the red and eventually had to give up on the Hollywood movie studio MCA, which it bought in 1990 for $6 billion. Its half-century ownership of Victor Co. of Japan produced results in early years and helped Panasonic beat archrival Sony Corp. in the VHS vs. Betamax video-format battle. But the partnership fizzled in the digital age, and the companies were unable to feed off each other's strengths. Victor partnered last month with Kenwood Corp. Analysts say Panasonic may have an easier time swallowing Sanyo because they share corporate cultures. Sanyo was started by the brother-in-law of Panasonic founder Konosuke Matsushita. Both companies are based in Osaka, in central Japan. At the outset, it's unclear what changes electronics buyers would see on store shelves. Ohtsubo has said he wants to keep both Panasonic and Sanyo brands in electronics _ at least for a while. That could mean that consumers are likely to encounter products with different brand labels and prices slapped on them, but packed with nearly identical components. But in the long run, if Panasonic hopes to stay lean and profitable, the Sanyo name may gradually grow less visible on consumer products. Given that Sanyo is losing money in electronics but making money in its battery and solar businesses, it's easy to see why those green-energy products could turn out to be Sanyo's enduring mark. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Japan Hot Stocks-Ichiyoshi Securities, SuzukiReuters - 31 minutes ago Ecuador auditor urges debt defaultAP - 35 minutes ago China Railway Group says gets $1.63 bln contractsReuters - 36 minutes ago Nikkei slides 1.3 pct on US stock fall, econ worriesReuters - 50 minutes ago Seoul shares open down; econ worry weighs on techsReuters - 50 minutes ago Most Popular – Business Viewed US space-funeral company plans to launch lunar cemetery Obama thinking big, despite crisis Prince Charles wants to speak out as king: biographer Earth would be heading to a freeze without CO2 emissions Democrats face White House opposition to new economic plan View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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