Sony to sell PC business
Japanese electronics giant Sony Corporation said Thursday it would cut 5,000 jobs as part of a plan to sell its money-losing personal computer unit and split off the television business.
Some 1,500 workers in Japan and about 3,500 employees in other countries will be affected by the job cuts, the Tokyo-based company said.
"Sony has decided to split out the TV business and operate it as a wholly owned subsidiary. The targeted timeframe for this transition is July 2014. By implementing these measures, Sony is aiming to further enhance its TV business' profit structure and return the business to profitability during FY14," the company said in a statement.
The VAIO personal computer business will be sold to investment firm Japan Industrial Partners Inc, or JIP, Sony said.
"Following a comprehensive analysis of factors, including the drastic changes in the global PC industry, Sony's overall business portfolio and strategy, the need for continued support of Sony's valued VAIO customers, and future employment opportunities for personnel involved in the VAIO business".
"The company has determined that concentrating its mobile product lineup on smartphones and tablets and transferring its PC business to a new company established by JIP is the optimal solution," the electronics giant said.
Sony posted a profit in the October-December quarter of last year, but the company said Thursday it expected to have a loss of about $1.08 billion in the fiscal year that ends March 31.
The loss is due to higher than expected restructuring costs and losses at its PC and television units, Sony said.
(Posted on 07-02-2014)
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