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Sony taps Hon Hai for LCD TV production in Europe

Posted: 07 Apr 2010     Print Version  Bookmark and Share

Keywords:LCD  Sony LCD Europe  LCD production 

Sony Corp. has forged a tie with Taiwan's Hon Hai Precision Industry Co. Ltd by which the Sony Group will sell to the Hon Hai Group a portion of its shares in the Nitra factory (Sony Slovakia) in Slovakia, which currently manufactures LCD TVs for the European region.

Following the sale, the Hon Hai Group will hold about 90 per cent and the Sony Group will retain about 10 per cent of the shares in the Nitra factory. The employees currently working at the Nitra factory will be assumed by the Hon Hai Group upon the completion of the transaction. The Nitra factory will continue to be a key location for the production of Sony LCD TVs for the European region. In addition, Sony Supply Chain Solutions Europe, a wholly-owned subsidiary of Sony, will lease a portion of the Nitra factory, which will remain a logistics centre of Sony Group in Europe.

The parties intend to complete the sale by the end of September, subject to regulatory approvals in several countries.

No material impact from this transaction is anticipated on Sony's consolidated financial results for the fiscal years ending on March 31, 2010 and 2011.

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