THE Japanese electronics giant Panasonic will sell its Sanyo washing machine and refrigerator business to Haier Group. It is the first time that a Chinese company to buy out business from Japanese companies.

    The buyout is expected to be finished this year.

    Sanyo washing machines’ and refrigerators’ business, research and development, manufacturing and commercial network will also be bought by Haier.

    In 2010, global market share of Haier’s refrigerators and washing machines reached 13 percent and 9 percent and the group hopes to exploit its markets in Japan and Southeast Asia through the buyout.

    (Wang Yuanyuan, Qingbao)