The Japanese group Sony has announced that it will put its chemicals division on the market. The operation is part of a major restructuring implemented by the electronics and entertainment giant, which is in great difficulty at the moment. Sony, which is struggling with large losses due to increased competition from Apple and the like, has announced that Japan's Development Bank would be buying the unit that produces films used in LCD panels. The group has not disclosed the sale price, but market rumors speak of 40 billion yen.
The sale of the unit, which is part of Sony Chemical and Information Device Corp, should be completed by the end of the year. At the announcement, Sony stated that the chemical arm of production is no longer part of the group's strategies which also include a management review and the buyout of Sony Ericsson mobile phones. The unit has 3 employees in Japan, the United States, Europe and China and achieved revenues of 11 billion yen in the year ended March 2011, a small fraction of Sony's total turnover.
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