Sony Sells $731M Chem Biz In Latest Cost-Cutting Move

Law360, New York (June 28, 2012, 12:13 PM EDT) -- Flagging Japanese electronics and entertainment giant Sony Corp. will sell its chemical unit and chemical products operations to state-backed Development Bank of Japan for 58 billion yen ($731 million), the parties said Thursday.

The news came during Sony's annual shareholder meeting in Tokyo, as investors waited to hear the rest of newly appointed CEO Kazuo Hirai's plan to save the ailing company. A $5.7 billion loss in 2011 and cash hemorrhages in the television unit have cemented concerns that the company that pioneered the Walkman and...
To view the full article, register now.