Garagesale 7 app store6/19/2023 Those sales could start as soon as April. Panasonic President Kazuhiro Tsuga has promised to shut or sell businesses operating at below a 5 percent margin. It will sell more assets in the year starting in April if cashflow dips below 200 billion yen, Kawai added. The proceeds would help bolster free cashflow to 200 billion yen for the business year to March, Kawai said, and allow Panasonic to reduce its debt and maintain its crucial research and development effort as it revamps its business portfolio. Kawai added that Panasonic would raise about a quarter of the sell-off funds by getting rid of shares it owns in other companies - a common practice of cross-shareholdings in Japan. Included is a 24-storey central Tokyo block - built in 2003 with more than 47,300 square metres and housing 2,000 Panasonic workers - a source familiar with the plan told Reuters. He declined to list which properties would go on the block, but said most are in Japan. “We have a lot of land and buildings in Japan and overseas,” he said in an interview at the company’s head office in Osaka, in western Japan. ![]() Panasonic plans to raise $1.34 billion from offloading property and shares in other Japanese companies by end-March, the group’s chief financial officer Hideaki Kawai told Reuters. Japan's other troubled TV makers, Sony Corp 6758.T and Sharp Corp 6753.T, are also selling buildings and businesses in a giant 'garage sale' that could raise a combined $3 billion. REUTERS/Toru Hanai/FilesĪs it battles for Christmas shoppers' wallets in the year-end holiday season, the sprawling electronics conglomerate is also seeking buyers for some of those properties to trim its fixed costs and improve cashflow at a time of intense competition, particularly from South Korean rivals such as Samsung Electronics Co 005930.KS. ![]() People look at Panasonic Corp's Viera TV screens displayed in an electronics store in Tokyo November 15, 2012.
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