Both parties have signed a memorandum of understanding, and they believe the sale will be finalized by July 1, 2014, with the expectation that JIP will create a new company, yet unnamed, to sell the VAIO products.
According to the terms of the agreement, the new company will “conduct operations for its VAIO-branded PC business as an independent business entity, including planning, design, development, manufacturing and sales”, and it will focus on selling the product only in the Japanese market.
The new company will hire between 250 and 300 Sony employees experienced in the “planning, design, development, manufacturing and sales” sectors of Sony’s PC business.
Sony, meanwhile, will invest five per cent of the new company’s capital in support of its launch and to enable a smooth transition between businesses.
The company also announced that it will be reforming its TV business. It has been engaged in cost-reduction initiatives since late 2011, which include “enhancing LCD panel-related cost efficiency and rationalizing R&D expenses.”
Going forward, it plans to strengthen its product lineup, continue with its cost-reduction initiatives, and operate its TV business as a wholly-owned subsidiary.
Sony is also looking to shift more of its focus to its mobile business, in line with a global boom in smartphone and tablet sales.
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