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Business

Sharp to sell Osaka property to raise cash

OSAKA -- Sharp plans to sell as early as this fiscal year the land on which its major Osaka factory sits to increase its cash on hand.

     The company is also selling two distribution centers, and expects to reap a total of about 10 billion yen ($96.8 million) from the three transactions.

     The Yao plant is Sharp's chief production hub for large household appliances, including refrigerators and air conditioners. It will rent the land from the new owner and continue operations there. But the company may eventually relocate the factory because the surrounding area is becoming more residential.

     The electronics maker has already closed bidding for its distribution centers in Fujiidera and Ibaraki, also in Osaka. It will move those operations to a large warehouse that property developer Goodman Japan built in the city of Sakai.

     Sharp had been employing more outside contractors to work at these locations, so the sales will not affect its staffing levels.

     The company's capital ratio rose from 8.9% at the end of March to 9.4% by the end of June, but it has yet to see a dramatic improvement in its financial position.

(Nikkei)

 

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