Pioneer Corp. is spinning off their profitable line of DJ equipment into a new company, Pioneer DJ. They will sell Pioneer DJ to private equity firm Kohlberg Kravis Roberts & Co. for 59 billion yen ($549 million).
Pioneer Corp. will own 15 percent of Pioneer DJ. Their line of DJ equipment includes CDJs, turntables, mixers, headphones, and more. They recently released the new PLX-1000 turntable.
The company has decided to focus on automotive products and is selling off other parts of the business to conserve resources. They say that Pioneer DJ requires major investment to increase long term growth.
Last week Pioneer signed a deal to sell their audio-visual business to Onkyo Corp.
Nina Ulloa covers breaking news, tech, and more. Follow her on Twitter: @nine_u