Sony and NEC Sign Definitive Agreement to Establish a Joint Venture in the Optical Disc Drive Business.Tokyo, Japan, Feb 27, 2006 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - Sony Corporation ("Sony") and NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. Corporation ("NEC") announced today that they have signed a definitive agreement to establish a joint venture company, Sony NEC Optiarc Sony NEC Optiarc Inc is a 55:45 (Sony 55%, NEC 45%) joint venture of Sony and NEC Corporation, and was established in April 2006. The company's business is the design and manufacturing of optical disk drives, primarily for the OEM desktop and notebook PC markets. Inc., in carrying out optical disc drive In computing, an optical disk drive (ODD) is a disk drive that uses electromagnetic waves as part of the process of reading and writing data. It is a computer's peripheral device, that stores data on optical discs. 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 Sony NEC Optiarc Inc. 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)
Establishment: April 3, 2006
Head Office: 1-11-1 Osaki, Shinagawa-ku, Tokyo
Representative: Representative Director and President, Shinichi Yamamura
(currently Deputy President, Video Business Group,
Sony Corporation)
Capital: 490 million yen
Stock Ratio: Sony 55%, NEC 45%
Employees: Approximately 350
Directors: Katsumi Ihara, Kiyoshi Nishitani, Hidenosuke Kanai,
Shinichi Yamamura, Shunichi Suzuki, Masahiko Yamamoto,
Eiichi Ichikawa
Consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the establishment the joint venture company remains subject to approvals of any governmental or regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities required in Japan and other countries. About NEC Corporation NEC Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 6701)(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NIPNY)(UK: NEC.IL) is one of the world's leading providers of Internet, broadband network, and enterprise business solutions dedicated to meeting the specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. needs of its diverse and global base of customers. Ranked as one of the world's top patent-producing companies, NEC delivers tailored solutions in the key fields of computers, networking, and electron devices by integrating its technical strengths in IT and networks and by providing advanced semiconductor solutions through NEC Electronics Corporation. The NEC Group employs more than 140,000 people worldwide and had net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of 4,855 billion yen (approx. $45.4 billion) in the fiscal year that ended in March 2005. For additional information, please visit the NEC website at: http://www.nec.com About Sony Sony Corporation is a leading manufacturer of audio, video, game, communications, key device and information technology products for the consumer and professional markets. With its music, pictures, computer entertainment and on-line businesses, Sony is uniquely positioned to be the leading personal broadband entertainment company in the world. Sony recorded consolidated annual sales of approximately $67 billion for the fiscal year ended March 31, 2005. Sony Global Web Site: Sony Global Web Site: http://www.sony.net Source: Sony Contact: Sony Corporate Communications Shigenori Yoshida, Daichi Yamafuji Tel: +81-3-5448-2200 NEC Public Relations Division Makoto Miyakawa, Yoshibumi Yashiro Tel: +81-3-3798-6511 Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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