Sanyo Electric to sell cellphone business

Sanyo Electric Co, which is headed for its third straight loss this business year, plans to sell its cellphone operations as part of a new restructuring plan, the Nihon Keizai newspaper reported on November 22.
The business daily said Sanyo, which earlier this year issued $2.6 billion worth of preferred shares on very favourable terms to Goldman Sachs and two other financial institutions to ensure its survival, will also sell its semiconductor division.