on December 26th, 2011
Sony has agreed to sell its 50 percent stake in the LCD joint venture with Samsung Electronics to Samsung for $940 million, the company said on Monday.
The move comes after Sony decided to restructure its TV business, which has been running under loss for the past seven years.
?Under the agreement, Samsung will acquire all of Sony?s shares of S-LCD Corporation, the two companies? LCD panel manufacturing joint venture, making S-LCD a wholly owned subsidiary of Samsung,? Samsung said.
The LCD joint venture between Sony and Samsung was established in 2004, when the consumer electronics market was booming. The financial crisis in 2008 then resulted in a slowdown in consumer demand.
?In order to respond to such challenging conditions and to strengthen their respective market competitiveness, the two companies have agreed to shift to a new LCD panel business alliance,? Samsung added.
Samsung?s full ownership of the venture will provide the company with more flexibility, speed and efficiency in panel production and business operations. Sony, on the other hand, plans to exploit its music and video applications and catch up with smartphone leaders such as Apple.
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