OSAKA (Kyodo) -- Sanyo Electric Co. has reached the final accord with Haier Group Co. to sell its washing machine and refrigerator operations in Japan and home appliance business in Southeast Asia to the Chinese company by next March, the two companies said Tuesday.
The accord is in line with the basic agreement announced by the two companies in July, involving a total of nine companies in Japan and Southeast Asia. A total of about 3,100 employees, including some 340 in Japan, are expected to be transferred to Haier.
The two expect to complete the transfer of shares in domestic Sanyo units by the end of next January, and that of overseas units by the end of March.
Haier is planning to expand its consumer product lineup in Japan possibly in January by using the assets it is buying from Sanyo, sources familiar with the matter said.