Sony sells chemical products business Japanese bank

Sony sells chemical products business to Japanese bank

5:29 AM, 29th June 2012
Sony sells chemical products business to Japanese bank

TOKYO, JAPAN: Sony Corporation and Development Bank of Japan Inc (DBJ) have entered into definitive agreements regarding Sony’s sale to DBJ of chemical products businesses operated by Sony Group including Sony Chemical & Information Device Corporation (SCID), a wholly-owned subsidiary of Sony. The contemplated sale would cover domestic and overseas operations of Sony Group, including operations of SCID, relating to the manufacture and sale of chemical products.

Before the completion of the contemplated sale, Sony will first transfer certain of its chemical products-related businesses to SCID, while at the same time SCID will transfer its non-chemical related businesses, as well as a portion of SCID’s assets, to Sony. Thereafter, a holding company fully funded by DBJ, will acquire from Sony all of the issued shares of SCID and a certain subsidiary in Sony Group engaged in the chemical products-related business, as well as licenses for certain Sony patents related to these businesses.

As a result of the contemplated sale, the new company that will result from the contemplated sale will further expand its businesses by leveraging the expertise in advanced material development and process technologies currently owned by SCID, including those in the adhesive and optical materials sectors, and by fully utilizing the funds provided by DBJ, together with other supplementary resources that it will aim to secure. The consideration for the contemplated sale is expected to be ¥58.0 billion ($0.73 billion). DBJ and Sony aim to complete the sale in 2012.

© Reuters News

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