Sony to exit LCD J-V with Samsung

Sony to exit LCD J-V with Samsung

SNE, SSNLF

In a bid to streamline its unprofitable television business, Sony (NYSE:SNE) said Monday it would sell nearly 50% stake in an LCD Joint Venture with Samsung (PK:SSNLF) to the South Korean company for US$940-M, according to media reports on Tuesday.

Sony?s exit from the joint venture, which was set up in Tangjeong, South Korea, in April 2004, will let it switch to less-expensive outsourcing options.

Analysts have long blamed high production costs for Sony?s squeezing profit margins in a cutthroat competition. Besides, a strong yen has also weighed on Sony?s profit by eroding the value of its overseas earnings when they are repatriated into yen.

In November, Sony, the World?s 3rd largest flat panel TV maker, warned of a 4th straight year of net losses for the financial year to next March, with its TV unit alone set to lose US$2.2-B on tumbling demand and a rising Yen.

Sony said it expected to cut costs in its LCD business by 50-B Yen a year as a result of the departure.

Sony ?aims 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,? it said in the statement.

Meanwhile, Samsung Electronics, the World leader in flat-panel televisions, would gain freer rein in producing its next-generation displays by taking control of S-LCD.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster?s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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