Sanyo to Transfer Mobile Phone Business to Kyocera
Sanyo announced today that it has reached a definitive agreement with Kyocera Corporation (Kyocera) to transfer its mobile phone business, following the announcement on October 11, 2007 of a basic agreement to begin transfer negotiations. In order to meet the best interests of the business and its stakeholders, Sanyo has explored all options regarding the further expansion and development of the business, and has concluded that a transfer of the business to Kyocera would be the ideal solution for both business value and ease-of-succession.The agreement announced today also outlines that the current 2,000 employees in Sanyo’s mobile phone business (excluding contract workers and temp agency staff) will be allowed to remain and work for Kyocera following the transfer.
Regarding the branding on the handsets, Kyocera will continue to use the Sanyo brand on handsets both domestically and overseas. It will also continue its own brand, and the phone business will be developed using both the Kyocera and Sanyo brands.