Kenwood takes minority stake in JVC

July 24, 2007

Source: JVC

Discussions about the potential sale of Victor Co. of Japan Ltd. (JVC) by its parent company, Matsushita Electric Industrial Co. Ltd., reached a conclusion of sorts Tuesday (July 24). Under a deal with Kenwood Corp. and Sparx Group, Matsushita will continue to hold a majority interest in JVC, but its share will drop to 36.8 percent from the current 52.4 percent. JVC will no longer be a consolidated company of Matsushita.

JVC will issue new shares worth 35 billion yen ($290 million) to Kenwood and Sparx, which will become the second- and third-largest JVC shareholders, with 17 percent and 12.8 percent of the company, respectively. Kenwood and Sharp said they plan to integrate JVC after the company restructures.



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