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Business deals

Onkyo pulls plug on sale of audio business to US peer

Embattled company fails to meet critical goalposts to complete the deal

Onkyo and other Japanese audio-visual equipment makers have struggled to adapt to a changing industry.

OSAKA -- Struggling Japanese audio equipment maker Onkyo is no longer in talks to sell its flagship home audiovisual business to American company Sound United, the company said on Friday.

The Osaka-based company was looking to unload the unit, which includes home speakers and accounts for 70% of group sales, for $75 million as part of its turnaround effort. But it was unable to meet the necessary conditions for the deal, such as securing committed financing.

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