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Teac Corp to Transfer Subsidiaries' Business to Onkyo Corp's Subsidiary; Expects Extraordinary Profit for FY 2013

Wednesday, 31 Oct 2012 02:10am EDT 

Teac Corp announced that it has decided to transfer the general audio & video stereophonic sound system business of two subsidiaries, TEAC EUROPE GmbH and TEAC UK LTD. to Onkyo Europe Electronics GmbH, a subsidiary of Onkyo Corp., for EUR 3.29 million (approximately JPY 341 million), effective November 1, 2012. Teac Corp also announced that it is expecting an extraordinary profit of approximately JPY 341 million, as gain on divestiture of business, for the fiscal year ending March 31, 2013. 

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