Printed from http://www.electronista.com

Banks offer to help Sony sell battery business

updated 08:17 pm EST, Tue November 27, 2012

Sony continues restructuring in effort to narrow focus

At least three investment banks have approached Sony with a plan to help the Japanese electronics giant sell off its battery business in order to recenter its focus on core assets and shore up its moribund consumer electronics segment. This according to sources within the banks, who say that the sale of Sony's battery unit could help Sony generate cash, much as was the case when the company sold a chemical business earlier this year. Sony has promised to refocus on games and consumer electronics in order to recover after being surpassed by rivals such as Apple and Samsung.

Sony is in the midst of cutting staff across its operations in order to reduce costs. The sale of its battery division, which employs 2,700 people and had sales of $1.74 billion last year according to Reuters, is viewed by the investment banks as a way to help the company shed size and exit sectors in which it may not be able to compete strongly.

Sony has struggled to compete with South Korean companies in the battery sector, estimated to be worth about $18 billion per year. From July to September of this year, Sony produced 74 million lithium-ion battery cells, down 40 percent from the first quarter of 2008. The company now has a seven percent market share in the battery segment, compared with 27 percent for Samsung, 21 percent for Panasonic, and 17 percent for LG Chem.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

ActvContent Sync Smartband

Smartbands of all sorts are hitting the market. Some build on the buzz around fitness trackers, while others offer simpler features fo ...

RocketStor 6324L Thunderbolt 2 eSATA bridge

Like it or not, the shift to Thunderbolt is underway. The connection is extremely flexible, allowing for video and data to co-habitate ...

Patriot Stellar Boost XT 64GB USB 3.0 drive

A vast selection of USB memory sticks means that consumers can often find exactly the size drive they need in a configuration that can ...

Sponsor

toggle

Most Commented

 
toggle

Popular News