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TOKYO—Sanyo Electric Co., the world’s largest
rechargeable-battery maker, will close a wholly-owned
subsidiary in the Philippines as part of a
reorganization of its capacitor business.
The
company plans to liquidate the unit by April next year,
Osaka-based Sanyo said in a statement Monday. The
closure of the Tarlac City-based subsidiary, which
started operations in August 1999, will have a “very
small” impact on the group’s earnings, Sanyo said.
Capacitors are electronic components that store an
electric charge. Sanyo’s sales outside Japan totaled
¥485.7 billion ($4.6 billion) in the year ended March
31, or 23 percent of total revenue, the company said
last month. |
