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| The following information is true and accurate at the time of publication. |
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February 27, 2006
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| Sony and NEC Sign Definitive Agreement to Establish a Joint Venture in the Optical Disc Drive Business
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| Sony Corporation (“Sony”) and NEC Corporation (“NEC”) announce today that they have signed a definitive agreement to establish a joint venture company, Sony NEC Optiarc Inc., in carrying out optical disc drive business. Shinichi Yamamura, currently Deputy President of Video Business Group of Sony, will serve as the president of the new company. Sony and NEC will separate their respective optical disc drive businesses on April 1, 2006 in preparation for creating this joint venture. The planned date of establishment of Sony NEC Optiarc Inc, is April 3, 2006 and it will take over the two separated businesses in creating one company. |
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Outline of Joint Venture Company
| Company Name: |
Sony NEC Optiarc Inc. |
| Business Profile: |
Development, engineering, production, marketing and sales of optical disc drive products |
| Scale of Business: |
220 billion yen
(FY04 sales of the optical disc drive business of Sony and NEC combined) |
| Date of Establishment: |
April 3, 2006 |
| Location of Head Office: |
1-11-1 Osaki, Shinagawa-ku, Tokyo |
| Representative: |
Representative Director and President, Shinichi Yamamura
(currently Deputy President, Video Business Group, Sony Corporation)
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| Capital: |
490 million yen |
| Stock Ratio: |
Sony 55%, NEC 45% |
| Number of Employees: |
Approximately 350 |
| Directors: |
Katsumi Ihara, Kiyoshi Nishitani, Hidenosuke Kanai, Shinichi Yamamura, Shunichi Suzuki, Masahiko Yamamoto, Eiichi Ichikawa |
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| Consummation of the establishment the joint venture company remains subject to approvals of any governmental or regulatory authorities required in Japan and other countries. |
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