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Sanyo was founded when Toshio Iue, the brother-in-law of Konosuke Matsushita and also a former Matsushita employee, was lent an unused Matsushita plant in 1947 and used it to make bicycle generator lamps. Sanyo was incorporated in 1949; it made Japan's first plastic radio in 1952 and Japan's first pulsator-type washing machine in 1954. [4]
While unveiling the Joint Venture's plans, Sanyo-BPL Pvt Ltd Chairman and Chief Executive Officer, Ajit G Nambiar, said the company expected to post revenues of around ₹ 2,000 crore (equivalent to ₹ 50 billion or US$600 million in 2023) by 2009 and lead the market in consumer electronics and white goods in five years.
In 1923, the company acquired AB Arctic and subsequently added absorption refrigerators to its product line. [ 14 ] [ 9 ] Other appliances soon followed, including washing machines in 1951, [ 15 ] dishwashers in 1959, [ 15 ] and food service equipment in 1962.
National bicycles were imported into the United States under the Panasonic label. The brand was known for producing high quality cycles at a relatively low price, as the result of a very high degree of factory automation and a resultingly low labor force with attendant savings in salaries and benefits.
On November 3, 2008, Panasonic and Sanyo announced that they were holding merger talks, which eventually resulted in the acquisition of Sanyo by Panasonic. [55] [56] The merger was completed in December 2009, and resulted in a corporation with revenues of over ¥11.2 trillion (around $110 billion). [57]
Haier was founded as Qingdao Refrigerator Co. in 1984. With China opening up to world markets, foreign corporations began searching for partnerships in China. One of these, Germany's refrigerator company Liebherr, entered into a joint-venture contract with Qingdao Refrigerator Co., offering technology and equipment to its Chinese counterpart.
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