Sanyo Electric Co., the world's largest maker of rechargeable batteries, controlled by creditors including Goldman Sachs Group Inc., posted an eighth loss in 10 quarters because of costs to compensate early retirees. Almost 1,000 workers applied to an early retirement program in December, costing the company about 11 billion yen.
So it is jettisoning businesses with lower profitability:
1. It sold its leasing unit (a 17 percent stake in Sanyo Electric Credit Co.) this month to GE.
2. It is seeking bids for the chip subsidiary, Sanyo Semiconductor Co.
Last year it sold stakes in a Thai refrigerator unit and a liquid-crystal display venture.
Be lean and mean and keen to cut the costs that bear sub-optimal revenue.
[Click here for full story at: BLOOMBERG.COM]
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