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. Last Updated: 07/27/2016

Sanyo, Impuls Near Agreement

Sanyo Electric Trading and Impuls Association of St. Petersburg are on the verge of completing a $51 million deal to manufacture up to 350,000 microwave ovens annually, according to a trading firm organizing the deal.

The project could make Impuls the largest producer of microwave ovens in Russia. Currently, the firm produces 150,000 ovens annually.

Final implementation of the deal is awaiting a deposit of $8 million from Impuls, according to an official with the Japanese Mitsui trading house, which helped organize the joint venture.

The project is part of a $400 million investment pool organized by Japan's Export-Import Bank, and will start by producing a 1994 model of Sanyo microwave ovens, to be called Neva-Impuls in Russia. The model is expected to cost from 25 percent to 30 percent less than Western imports.

To date, Mitsui has remained out of the deal itself, according to the manager, who asked not to be identified.

"At this moment we aren't sure what role Mitsui is playing in the near future," he said.

"We arranged the financing and we introduced Sanyo Electric. Maybe in the future we will get a share of this joint venture ... but first of all we would like to concentrate on the realization of this project."