Panasonic sold stocks worth around $1 billion to increase its finances.
During the financial year ended March 31st, Panasonic managed to gain $308 million from selling stakes in Nippon Steel & Sumitomo Metal Corp and Honda, according to the Nikkei business daily. According to anonymous sources, these sales helped Panasonic exceed its plans to sell assets worth 130 billion yen during the last business year.
Panasonic announced that it will use the asset sales to make sure than its annual free cashflow will remain at minimum 200 billon yen in the next years, as the company plans to close or sell units that don’t manage to reach at least 5% operating profit margin. Panasonic also tries to reduce cut debt from 976 billion yen at the end of 2012 to 220 billion yen by March 2016.
On another matter, last month, Panasonic denied rumors that it will end production and research for the plasma TV, saying that it is currently working on developing upgrades. VP Henry Hauser said that the Viera ZT series presented at the CES, is the launchpad for future projects.
“Reports that Panasonic will no longer develop and manufacture Plasma HDTVs are not correct. VIERA Plasma HDTVs continue to set the standard for picture quality and black level excellence and the ZT Series is another example of the continued ability of Plasma to evolve and continue to deliver a best-in-class HDTV,” said Hauser.
Source: Reuters.com, engadget.com