Unable to stay afloat amidst a cloud of losses, Sony has finally decided to end its LCD venture with Samsung. Reports confirm that prior to making this move, Sony was riddled with losses, with its television unit, alone accumulating losses to the tune of $2.2 billion. Citing little demand for the product, and the soaring value of the yen for the downfall, reports confirm that Sony will eventually sell its stake to Samsung for $940 million. Sony and Samsung had entered into an LCD joint venture in 2004 to “secure stable supplies of the component”.
Parting ways with Samsung!
Reportedly, in November, Sony had revealed that all was not hunky dory with its LCD side of business, but immediately added that it would work on revamping it. Samsung has, on its part confirmed the report, and have stated that a brief announcement on the same will happen soon. Reportedly, Sony has 50 percent stake in its LCD joint venture with Samsung.
Publish date: December 26, 2011 12:58 pm| Modified date: December 18, 2013 9:14 pm