Haier to Buy Sanyo Home Appliance Business

(Beijing) -- Chinese appliance giant Haier is set to purchase Panasonic Corp.'s Sanyo Electric washing machine and refrigerator businesses in Japan and southeast Asia for US$ 128.3 million.

According to news report from Japan's Nikkei, Sanyo Electric Co. will sell all of its shares in ten units and their subsidiaries, which mainly focus on research and development, manufacturing and sales and in total produce roughly US$ 897.8 million in revenue every year.