Sanyo sells stake in Thai factory to China's Haier Group

Bangkok - Japan's Sanyo Universal Electric has sold an 85- per-cent stake in its refrigerator factory in Thailand to China's Haier Group, media reports said Tuesday. The sell-off will give Haier complete management control over the plant in Thailand's Prachin Buri province that has a capacity to produce 1 million refrigerators a year, The Nation newspaper said. Sanyo, which still holds 10 per cent of the Thai plant, will retain control over production technology. Morimoto Isutamu, president of Sanyo's marketing and sales in Thailand, said the sell-off was an outgrowth of Sanyo's increasingly close relationship with Haier, China's leading producer of electrical appliances. It also reflected Sanyo's strategy of getting away from low-cost electrical appliances and focusing on higher-margin products such as information technology (IT) systems in the future. © 2007 dpa - Deutsche Presse-Agentur

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