Sony and Toshiba Officially Form Semiconductor Joint-Venture
Sony Corp., Sony Computer Entertainment Inc. (SCEI) and Toshiba Corp. on Wednesday officially agreed to form semiconductor manufacturing joint-venture that will be controlled by Toshiba and will manufacture various chips for the companies. To take control over the new joint-venture company, Toshiba will acquire equipment worth $832 million from Sony.
Under the terms of the definitive agreement, the joint-venture will start operation from April 1, 2008 in Nagasaki Technology Center of Sony Semiconductor Kyushu Corp. (SCK). It will be 60% owned by Toshiba, and Sony and SCEI will each take a 20% stake. Toshiba will appoint chairman and chief executive officer of the newly formed company, whereas president and chief operating officer will be appointed by Sony. The name of the joint-venture is not yet known and the companies promised to determine it at a later date.
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