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Panasonic to sell birthplace of its TV business: report

Panasonic to sell birthplace of its TV business: report
Sunday, June 22, 2014
AFP

TOKYO — Japan’s electronics giant Panasonic will sell the plant where it first got into the television business half a century ago as it shifts away from the money-losing division, a report said Saturday.

The company plans to sell 60 percent of the plant’s 120,000-square meter site in Ibaraki, near the western city of Osaka, to Japan’s major homebuilder Daiwa House by early next year, the business daily Nikkei said.

The price tag is estimated at 10 billion yen (US$97 million).

Daiwa House is expected to build a large-scale logistics facility at the site and lease it to parcel delivery company Yamato Holdings Co., Nikkei said.

Panasonic is also considering selling the remaining 40 percent of the site to the municipal administration of Ibaraki and its homebuilding unit, PanaHome, Nikkei said. The property could then be retrofitted for public facilities and residential use.

No officials were immediately available at Panasonic’s head office to confirm the report.

The plant started producing cathode ray tube sets in 1958, and helped turn Matsushita Electric Industrial — as Panasonic was then known — into a global electronics company.

In 2001, Panasonic converted the facility into a plasma TV plant handling everything from making panels to assembling the sets. The company shifted most of the operations in 2005 to a new plant in nearby Amagasaki.

Panasonic said in April it posted its first annual net profit in three years and reversed a huge loss suffered in the previous 12 months as it presses on with a sweeping restructuring.

The company, along with rivals Sony and Sharp, has struggled in recent years, largely because of huge losses in their television units — but a sharply weaker yen over the past year has helped boost their bottom line.

These firms have stopped production of plasma television panels as they continued efforts to improve their battered balance sheets.

 

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About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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