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Pioneer seeking financial assistance for turnaround: sources

TOKYO (Kyodo) -- Japanese electronics manufacturer Pioneer Corp. is looking for a capital and business alliance, possibly with major auto parts supplier Calsonic Kansei Corp., to turn around its operations, sources familiar with the matter said Wednesday.

It is doing so after the maker of audio products and car navigation systems posted net losses the past two years.

Pioneer's main creditor banks have asked the company to come up with drastic business reform measures, including a capital infusion, instead of a proposed restructuring of its money-losing navigation system business, the sources said.

Pioneer hopes to revive itself by joining hands with Calsonic in the areas of electric vehicle components and autonomous driving, they said.

Calsonic, based in Saitama Prefecture, was acquired by KKR & Co. from Nissan Motor Co. in 2017.

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