Correction: Further details were released indicating that Panasonic only sold a majority stake and will be staying in the projectors business after all.
Panasonic Connect has sold its commercial projector business to Orix, a Japanese financial services group. According to a report by Japanese state broadcaster NHK, the sale price is believed to be around $635 million.
NHK reports that Orix was motivated to acquire the business due to the recovery of in-person events and the increasing popularity of OOH projector-based projects.
Panasonic put its projector division up for sale in May 2024, reportedly to raise funds to purchase a supply chain software developer.
According to NHK, the company has not disclosed the most recent annual sales for the projector business, but the media and entertainment segment, which includes projectors, posted $710 million in sales for the year to March.
The upcoming Olympics will feature 130 Panasonic projectors, the largest-ever projector deployment in competition venues at an Olympics and Paralympic Games.
