Sony sells chemical division to revamp portfolio

8 years ago by in Featured, Technology

Japanese tech giant Sony continues to restructure its business as it expects a fourth consecutive yearly loss. It announced on Thursday it would sell its division that makes optical films used in LCD panels and the buyer is the Development Bank of Japan (DBJ).

Kyodo reported that Sony Chemical & Information Device Corp., the subsidiary that will be sold, will bring in some tens of billions of yen, said a Sony spokesman without giving further details on the price. Other related operations of the division, like the production of Blu-ray discs and medical print media, will remain with the Sony group.

Sony is trying to re-focus on its core electronics business as it expects a group net loss of Y220 billion this fiscal year, which ends on March 31. The company will ”review all its business boldly and thoroughly”, said last month the executive deputy president Kazuo Hirai , who will replace Howard Stringer as president and CEO in April.

Sony and DBJ could sign a final agreement by the end of May. DBJ is a government-backed investment body which focuses on buying assets, restructuring and selling them on.