Sony and Japan Industrial Partners' Special Purpose Company Sign Definitive Agreements for the Sale of PC Business
October 23, 2014     Japanese 
  JCN 
	  Network - Home
JCN Newswire
  Home  |  Companies  | Annual Reports  |  CSR  | News Alerts     
 
Sony and Japan Industrial Partners' Special Purpose Company Sign Definitive Agreements for the Sale of PC Business - JCN Newswire
Share:
Sony and Japan Industrial Partners' Special Purpose Company Sign Definitive Agreements for the Sale of PC Business

Tokyo, May 2, 2014 - (JCN Newswire) - Sony Corporation (Sony) and Japan Industrial Partners, Inc. (JIP) today announced that Sony and a special purpose company to be invested by Japan Industrial Partners IV Investment Limited Partnership which is controlled and operated by JIP (SPC) have entered into definitive and legally-binding agreements regarding the sale to SPC of Sony's PC business operated under the VAIO brand (the "Sale"). Pursuant to these agreements, Sony's PC business operated in Japan under the VAIO brand and certain related assets will be transferred to SPC. The parties are targeting July 1, 2014 for the completion of the Sale. As announced on February 6, 2014, while Sony will discontinue the sale of PC products after the Spring 2014 lineup in all countries where Sony has been selling the PC products, Sony's customers will continue to receive aftercare customer services even after Sony's withdrawal from the PC business.

Outline of New Company (SPC) as currently planned

(1) Start of business: Scheduled for July 1, 2014
(2) Name: VAIO Corporation
(3) Location: 5432 Toyoshina, Azumino-shi, Nagano, Japan
(4) Capital: 1,000 million yen
(5) Ownership: JIP 95%, Sony 5% (following completion of the Sale)
(6) Representative: Takayuki Sekitori, Representative Director and President
(7) Business activities: Planning, design, development, manufacturing and sale of PCs and related products
(8) Number of employees: Approximately 240

The Sale is not anticipated to have an impact on Sony's forecast of the consolidated financial results for the fiscal year ended March 31, 2014, which was announced on May 1, 2014. Sony is currently evaluating a total amount of costs expected to be incurred in the fiscal year ending March 31, 2015 relating to exiting its PC business, including the impact of the Sale. Sony plans to announce the total amount of expected costs in its FY2013 annual earnings announcement scheduled to be made on May 14, 2014.

About Sony

Sony Corporation is a leading manufacturer of audio, video, game, communications, key device and information technology products for the consumer and professional markets. With its music, pictures, computer entertainment and online businesses, Sony is uniquely positioned to be the leading electronics and entertainment company in the world. Sony recorded consolidated annual sales of approximately $72 billion for the fiscal year ended March 31, 2013. Sony Global Web Site: http://www.sony.net/.

Contact:

Sony Corporation
Corporate Communications
T: +81-3-6748-2200
E: sony.pressroom@sony.co.jp
 


May 2, 2014
Source: Sony

Sony (TSE: 6758) (FTSE: 6758q) (U.S: SNE)

From the Japan Corporate News Network
http://www.japancorp.net
Topic: Merger & Acquisition
View more news from these Sectors: Consumer Electronics, Electronics General, Games & Entertainment


 
CSR Report Download
Annual Reports

  More >>    
Most Popular


About JCN | Privacy Policy | Terms of Use | JCN Network (日本語)