Tokyo – JVC Kenwood announced last week that it will realign
three business units into the
company to improve efficiency and bolster development and
production capabilities.
According to reports in Japan, the holding company and three
separate operations under it will merge into one business by early October. The
move is expected to be completed by the end of fiscal 2011.
The new company will continue production using the JVC and
Kenwood brand names, the reports said.
Business units under the holding company include: Victor Co. of
Japan Ltd. (JVC); car electronics maker J&K Car Electronics Corp.; and
Kenwood Corp., which makes home audio and communications equipment.
The company last year was forced to issue a warning about its
status as a going concern after posting a net loss of more than 30 billion yen
($360 million) for the year to March 2009, and further losses in the first
three quarters of the current business year.
The company has slashed jobs and sold off certain business
operations in an effort to remove the warning by year’s end.
