Monday, December 26, 2011

Samsung Electronics Co. buys out Sony's stake in LCD joint venture

Sony Corp. sold its stake in the venture with Samsung Electronics Co. to make liquid-crystal displays to the South Korean company after predicting an eighth consecutive year of losses from TVs amid sluggish demand.

Samsung will pay 1.08 trillion won ($935 million) in cash for Sony's stake in S-LCD Corp., a venture formed in 2004, the Suwon, South Korea-based company said in a statement today. Sony, which invested 1.65 trillion won in the venture, will take a charge of about 66 billion yen ($846 million) in the quarter ending Dec. 31 after the deal, Japan's biggest consumer- electronics exporter said in its statement.

The stake sale enables Sony Chief Executive Officer Howard Stringer, 69, to shed the responsibility of panel manufacturing amid losses in the TV business, where Samsung is the world's biggest. To turn around Sony, which has forecast a fourth consecutive annual loss this year, Stringer has announced $8.4 billion of acquisitions in 2011 to bolster the profitable phones and music divisions and introduced tablet computers to challenge Apple Inc.'s iPad.

"It's a step forward for Sony," said Shiro Mikoshiba, an analyst at Nomura Holdings Inc. in Tokyo. "Canceling out the venture enables Sony to become more flexible in procuring panels. Still, Sony continues to face falling prices and heavy fixed costs." Sony shares gained 1.6% to 1,394 yen at the close of trading in Tokyo today, while Samsung fell 0.2% to 1.07 million won. The deal was announced after the stock market closed for trading. The Nikkei reported the news earlier today.


'Substantial Savings'

The maker of Walkman music players and PlayStation consoles has declined 52 percent this year, valuing the company at $18 billion, down from more than $100 billion in September 2000. Samsung has risen 12 % in Seoul this year and Apple has jumped 25%. Samsung had 50% of the venture plus one share, while Sony held the remainder, according to the statement. The two companies have also entered into an agreement for supply and purchase of LCD panels, Samsung said in the statement.

The transaction and the subsequent agreement will enable Sony to secure a flexible and steady supply of LCD panels from Samsung, based on market prices, and without the responsibility and costs of operating a manufacturing facility, Japan's biggest consumer-electronics exporter said in its statement.

"Despite this one-time loss, Sony estimates that the transaction will result in substantial savings," starting January, Sony said in the statement.


Downgrading Sony

Earlier this month, Fitch Ratings downgraded Sony's long- term ratings to "BBB-," one level above junk, from "BBB," citing difficulties in reviving the TV business and deals that won't improve profit.

Sony, the world's No. 3 TV maker, is streamlining its main TV operation, which is estimated to lose 175 billion yen in the year to March. Last month, Sony predicted it will post a loss in the year to March 31 after the company slashed its TV sales target and the yen reached a postwar high.

Article Source: http://economictimes.indiatimes.com/tech/hardware/samsung-electronics-co-buys-out-sonys-stake-in-lcd-joint-venture/articleshow/11262254.cms

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