Sony, NEC to Set Up JV for Optical Disc Drive Biz in April
Posted on: Tuesday, 28 February 2006, 18:00 CST
Tokyo, Feb. 27 (Jiji Press)--Sony Corp. and NEC Corp. said Monday that they will set up a joint venture company to integrate their optical disc drive operations on April 3.
Sony and NEC will establish the JV, Sony NEC Optiarc Inc., which will assume optical disc drive businesses separated from the two companies.
Combined sales of their optical disc drive businesses totaled some 220 billion yen in fiscal 2004, which ended in March 2005.
The new company, to be capitalized at 490 million yen, will be owned 55 pct by Sony and 45 pct by NEC.
Shinichi Yamamura, currently deputy president of Sony's Video Business Group, will serve as president of the new company staffed by around 350 employees.
Last November, the two companies announced plans on the business integration.END
Source: Jiji Press English News Service
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