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Tokyo, Sep 1, 2009 (ABN Newswire) - Sony Corp. (TYO:6758) will sell 90% of its stake held in its main television factory in North America to Taiwan's Hon Hai Precision Industry Co. (TPE:2317) as a part of a plan to restructure its television business.
Sony mainly manufactures LCD TVs for North America in Sony Baja California factory. The company also said it will sell to Hon Hai certain manufacturing assets related to the plant's Tijuana site in Mexico. After the sale Sony will continue to produce LCD TVs in North America on an outsourcing basis.
The price of the deal was not disclosed as the sale terms have not been finalized.
Sony reported a net loss of 37.1 billion yen in the quarter ended June 30, compared with a net profit of 35 billion yen in previous corresponding period. The electronics giant also expects a 120 billion yen net loss for the current fiscal year ending in March.
The company seeks to cut costs and restore the money-losing business to profitability by restructuring unprofitable businesses such as TV operations. Sony is expected to cut 16000 jobs as it closes its plants around the world.
Sony mainly manufactures LCD TVs for North America in Sony Baja California factory. The company also said it will sell to Hon Hai certain manufacturing assets related to the plant's Tijuana site in Mexico. After the sale Sony will continue to produce LCD TVs in North America on an outsourcing basis.
The price of the deal was not disclosed as the sale terms have not been finalized.
Sony reported a net loss of 37.1 billion yen in the quarter ended June 30, compared with a net profit of 35 billion yen in previous corresponding period. The electronics giant also expects a 120 billion yen net loss for the current fiscal year ending in March.
The company seeks to cut costs and restore the money-losing business to profitability by restructuring unprofitable businesses such as TV operations. Sony is expected to cut 16000 jobs as it closes its plants around the world.
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