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February 27, 2006
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.
Outline of Joint Venture Company
Consummation of the establishment the joint venture company remains subject to approvals of any governmental or regulatory authorities required in Japan and other countries.