Panasonic buys Sanyo's cold chain business in PH

Posted at 03/16/2012 11:07 AM | Updated as of 03/16/2012 11:07 AM

MANILA, Philippines - Panasonic Manufacturing Philippines Corp. is acquiring the cold chain business owned by appliance maker Sanyo Philippines.

In a disclosure to the stock exchange, Panasonic said the acquisition will take effect on April 1, 2012.

The acquisition is seen to generate annual sales of P120 million for Panasonic.

This comes as Panasonic Corp. sold its Sanyo Electric unit's washing machine and refrigerator operations in Japan and Southeast Asia to China's Haier Group Co for about 10 billion yen ($130 million) last year.