Sanyo to pull out of Indian TV venture
Japan's Sanyo Electric Co. is pulling the plug on a loss-making joint venture in India producing cathode-ray tube televisions, a spokesman said Monday.
Sanyo closed a factory in Bangalore run jointly with Indian electronics company BPL last month and will shift the production to Indonesia, disbanding the joint venture by March next year.
"Because of the increasingly fierce competition, we don't expect the business performance there to improve in the future," said Sanyo spokesman Ryo Hagiwara, adding that cathode-ray tube TVs no longer meet the market's demands.
Japanese electronics makers have been scaling down, or withdrawing from, production of the old-style box TVs in response to a consumer shift toward sleek new liquid crystal display or plasma televisions.
Sanyo has slashed thousands of jobs and sold non-core operations as part of a massive overhaul in recent years, while increasing its focus on rechargeable batteries and environment-friendly technology.
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