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Tokyo, November 7, 2016 - Sony (China) Ltd. ("Sony China"), a wholly-owned Chinese subsidiary of Sony Corporation ("Sony"), has signed a binding definitive agreement to transfer to Shen Zhen O-Film Tech Co., Ltd. ("O-Film") all equity interest in its wholly-owned subsidiary, Sony Electronics Huanan Co., Ltd., which manufactures camera modules. The sales price is approximately 95 million U.S. dollars, subject to customary post-closing adjustments.
This transaction reflects Sony's ongoing focus on optimizing the scale of the camera module business.
Sony expects to record a gain in operating income from the transfer after its completion. The completion of the transfer, and its timing, are subject to required regulatory approvals and other customary closing conditions. Therefore, such gain has not been included in Sony's consolidated results forecast for the fiscal year ending March 31, 2017, which was announced on November 1, 2016. Sony plans to announce the amount of such gain and its impact on Sony's consolidated financial results when the transfer is completed.
|Date Established||March 2, 2004|
|Location||No.7 Shenzhou Road, Science Park of GETDD.
Guangzhou 510660, China
|Capital||73 million US$ (as of March 31, 2016)|
|Shareholding Ratio||Sony (China) Limited 100% (as of March 31, 2016)|
|Type of Business||Manufacture of camera modules|
|Employee Headcount||Approximately 4,000 (as of March 31, 2016)|