Pioneer says to sell DJ equipment business to KKR for $550 million

Reuters News
Posted: Sep 16, 2014 2:17 AM

TOKYO (Reuters) - Japanese car electronics maker Pioneer Corp <6773.T> said on Tuesday that it would sell its disc-jockey equipment business to private equity firm KKR & Co LP <KKR.N> for about 59 billion yen($550 million).

Pioneer has been selling off non-core assets to focus on its automotive electronics business. On Friday, the company said it would sell its home audio-visual business to audio equipment maker Onkyo Corp <6628.T>.

Pioneer said that it expects a 55 billion yen special profit from the sale of the DJ equipment business and that it may revise its earnings forecast.

Social Security Fails
John Stossel

(Reporting by Junko Fujita; Editing by Chris Gallagher)