Sanyo To Sell Mobile Phone Unit To Kyocera

Sanyo recently announced that they are going to sell their mobile phone unit to Kyocera in an approximate $467 million dollar deal.

Under Monday’s agreement, about 2,000 employees in Sanyo’s mobile phone operation will be transferred to Kyocera, which will continue to use the Sanyo brand on handsets at home and overseas.

Sanyo cited “intensified competition from rival companies,” in a statement. “In order to meet the best interest of the business and its stockholders, Sanyo has … concluded that a transfer of the business to Kyocera would be the ideal solution.”

The deal is expected to close on April 1, 2008. The exact dollar figure hasn’t been agreed upon.

AP