Sony Corp. sold its interest in the role of Samsung Electronics Co. to make liquid-crystal displays, after the South Korean company to predict the eighth consecutive year of losses TVs in the middle of the sluggish demand.
Samsung pays 1080000000000 ₩ ($ 935 million) in cash holdings Sony S-LCD Corp., a venture formed in 2004, Suwon, South Korea-based company said in a statement today. Sony, which invested ₩ 1650000000000 size, the responsible of approximately 66 billion yen ($ 846 million) quarter ending 31 December after the deal, Japan's largest consumer electronics exporter, said in a statement.
Sale of the stake will allow Sony CEO Howard Stringer, 69, accused of responsibility of the losses in the middle panel TV production business, where Samsung is the world's largest. Turn around for Sony, which is forecast for the fourth consecutive annual loss this year, Stringer announced a $ 2,011 boost profitable acquisitions 8400000000 phones and music divisions, and introduced the Tablet PCs to challenge Apple Inc. 's iPad.
"This is a step forward for Sony," said Shiro Mikoshiba analyst at Nomura Holdings Inc. in Tokyo. "Off-set by Sony venture will allow more flexible in their procurement of panels. Still, Sony continues to face the heavy fixed costs and falling prices." Sony shares gained 1.6% at the end of 1394 yen in Tokyo trading today, while Samsung fell 0.2% to 1.07 million won. The deal was announced after trading in the stock market closed. Nikkei News reported today.
"Substantial savings"
Maker of the Walkman player and PlayStation consoles have fallen 52 percent this year, valuing the company's $ 18 billion, down more than $ 100 billion in September 2000. Samsung has risen to 12% in Seoul this year, and Apple jumped 25%. Samsung had 50% plus one share venture, while Sony took the rest of the statement. The two companies have entered into a contract for the supply and purchase of LCD panels, Samsung said in a statement.
Transaction and the subsequent agreement will enable Sony to ensure a flexible and continuous supply of LCD panels, Samsung, and without any liability on the basis of market prices and operating costs of the production unit of Japan's largest consumer electronics exporter, said in a statement.
"Despite the loss of a single, Sony estimates that the transaction resulted in significant savings," starting in January, Sony said in a statement.
Sony cuts
Earlier this month, Fitch Ratings downgraded Sony's long-term rating of "BBB-" one level above junk, from "BBB", referring to the difficulties in reviving the TV business and transactions that do not improve profits.
Sony, the world's No. 3 TV maker, is to facilitate the operation of the main TV, which is estimated to lose 175 billion yen in March. Last month, Sony predicted it will post a loss in up to 31 March after the company slashed its TV sales target, and the yen reached a postwar high.
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Article Source:- http://economictimes.indiatimes.com/tech/hardware/samsung-electronics-co-buys-out-sonys-stake-in-lcd-joint-venture/articleshow/11262254.cms
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