SERD
Sanyo Elektronik-Rechner Deutschland GmbH & Co.- Vertriebs KG
München

Japanese electronics giant Sanyo was a minor players in the office equipment and supply business. Desktop and pocket calculators, dictating systems, and printers, were manufactured in Japan and sold in Europe through their German affiliate Sanyo Elektronik-Rechner Deutschland (SERD).
Only the calculators with names refering to German's cities are made by Sanyo.

Source : epocalc