Sanyo Electric Co. said Friday it will make drastic cutbacks in its semiconductor, home appliance and audio visual businesses, aiming to become a leaner organization in fewer fields.
The company's new plan also includes raising up to 300 billion yen from Sumitomo Mitsui Banking Corp., Daiwa Securities SMBC Co. and Goldman Sachs Group Inc. as well as its existing shareholders through the issuing of new shares.
In underlining the Osaka-based company's determination to jettison unprofitable operations, Sanyo President Toshimasa Iue said the firm would not hesitate to exit the domestic TV business if it fails to turn profits.