Kenwood, Sparx take 30% of JVC shares

Discussions about the potential sale of JVC by its parent company, Matsushita Electric Industrial Co. Ltd., reached a conclusion of sorts 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 $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.

- Yoshiko Hara
EE Times