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Panasonic Sells Nickel-Hydride Battery Factory to Hunan Corun

Feb. 2 (Bloomberg) -- Panasonic Corp. sold its nickel-hydride battery plant to Hunan Corun New Energy Co., a Chinese maker of advanced materials and batteries.

The factory in Kanagawa Prefecture, south of Tokyo, manufactures batteries for the automotive industry, Panasonic said yesterday in a statement. The company didn’t say how much Hunan Corun paid for the plant.

Panasonic sold the unit because of the Chinese government’s concern that the merger last October between Panasonic and Sanyo Electric Co. created a monopoly in the Chinese market.

To contact the reporter on this story: Stuart Biggs in Tokyo at sbiggs3@bloomberg.net.

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.

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