Pioneer bought by Hong-Kong fund by Staff Writers Tokyo (AFP) Dec 7, 2018 Japanese electronics firm Pioneer said Friday it will become a wholly owned unit of a Hong Kong-based fund to rebuild itself in a deal worth $904 million. Pioneer, known for its audio equipment as well as car electronics systems, said Baring Private Equity Asia has agreed on a 102-billion-yen ($904 million) plan to revive the struggling Tokyo-based company. Baring will make a 77-billion-yen investment in Pioneer, along with a 25-billion-yen offer to buy existing shares from shareholders. "These steps will secure working capital vital for Pioneer's business operations," a joint statement from the two firms said. "Once privatised, a range of significant changes will be made to revitalise Pioneer, including reviews of the company's business lines as well as structural reforms and an overhaul of the management team," it said. The deal is subject to approvals from Pioneer shareholders as well as regulatory agencies. Pioneer, which celebrated its 80th anniversary this year, expanded from the 1960s through the 1990s with popular home stereo systems as well as car audio equipment. It was among the leading companies to promote laser discs and plasma televisions. But Pioneer has struggled in recent years with deep losses and falling sales as the audio and automobile industries go through rapid changes.
China to 'immediately' implement US trade truce measures Beijing (AFP) Dec 6, 2018 China said Thursday it would "immediately" implement measures agreed under a trade war truce with the United States - and was confident it could reach a deal within 90 days. The commerce ministry's remarks came days after US President Donald Trump and Chinese leader Xi Jinping agreed to give negotiators 90 days to resolve their trade spat. Few details have been made public about what the two sides will negotiate, a lack of clarity that has unsettled stock markets. "China will immediately im ... read more
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |