Panasonic To Sell Part Of Healthcare Business

TOKYO (Kyodo) -- Panasonic Corp. said Friday it will sell its ultrasonic diagnostic equipment business to Konica Minolta Inc. in January 2014 as part of efforts to improve its financial base eroded by the firm's recent sluggish performance.

Panasonic will sell the business operated by its health care subsidiary Panasonic Healthcare Co. for several billions of yen, according to sources close to the matter.

Panasonic is also looking to sell the rest of its health care operations including its medical chart system and blood-sugar monitoring device businesses, with Toshiba Corp. and U.S. investment fund Kohlberg Kravis Roberts & Co. both bidding to be an investor.

Some of the close to 200 workers engaged in the ultrasonic diagnostic equipment business will be transferred to Konica Minolta, but Panasonic is not planning to slash the rest of its employees.

More from

Orders For U.S. Durable Goods Rise In June

China To Spend $275B On Pollution

Industry Agrees To New Mobile App Guideline

Explore more news here.