Pioneer, a once prominent name in audio and video, will see its shares delisted from the Tokyo Stock Exchange on March 27th.
Hong Kong-based investment fund Baring Private Equity Asia bought the Japanese firm for around $900 million. This agreement was announced before the end of last year, and now formally closes. Pioneer’s assets will become a wholly owned subsidiary of the fund.
Pioneer was founded in 1938 and its recent Plasma-based televisions and wonderful (analogue) Laser disks as well as Home Theatre equipment were loved by the audio community. Pioneer quit the home audio market in 2015.
Pioneer’s new owners say it will cut some 15 per cent of its workforce in Japan and overseas. A year ago the company had some 17,000 staff.
It now focuses on sensors and electronics in self-drive vehicles.