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JVC prepares to merge with Kenwood

July 25th, 2007 · No Comments

JVC’s acclaimed video projectors and camcorders have provided the only highlights in its otherwise grim first quarter financial results. Total sales were 159.0 billion yen, which was 90 per cent of sales in the same period last year. Operating income posted a loss of 6.3 billion yen, worsening by 4.4 billion yen year-on-year, while net income posted a loss of 13.0 billion yen, worsening by 9.5 billion yen year-on-year. The brand blames its struggling display business in Europe and Japan and a sluggish recovery in audio business.
Meanwhile, JVC has announced a partnership with Kenwood. The pair say they will integrate their car electronics research and development departments later this year. Kenwood is expected to take a 25 per cent share in JVC as the first step to a corporate merger in 2008.

Tags: Corporate · Home cinema · Trade

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