Sanyo to Start Nickel Hydride Battery Venture in China
Tokyo, Feb. 1 (Bloomberg) -- Sanyo Electric Co., one of Japan's largest electronics makers, said it will begin a joint venture to make and market nickel hydride batteries in China in April to expand its share of that nation's growing market.
The company, to be based in Tianjin, China, and capitalized at $14.6 million, will be 51 percent owned by Sanyo Electric, 44 percent by Tianjin Lantian Power Sources Co., and 5 percent by Toyoda Tsusho Corp.
Sanyo said it aims to boost its share of the market for the batteries, which are mainly used in cellular phones. China, where demand and popularization of cellular phones are rapidly growing, the company said in a statement.
The global market for nickel hydride batteries is expected to grow 14 percent to about 800 million units in 1999, Sanyo said. |
