Sanyo Electric to Sell Mobile Handset Sales Unit

Sanyo Electric Co. said Friday it will sell its mobile phone sales agency subsidiary to a Mitsui & Co. unit for 4.8 billion yen.

On Oct. 31, the troubled electronics maker will sell all shares in Telecom Sanyo Co. to its rival Telepark Corp. <3738> owned by the major trading house, Sanyo said.

Following the sale, Sanyo Electric will put more emphasis on rechargeable battery and other core operations.

Telepark will beef up its sales network through acquisition of Telecom Sanyo.

Telecom Sanyo, which owns mobile handset sales agencies across Japan, earned sales of 38,436 million yen in the year that ended in March.

Source: Jiji Press