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Sony Plans To Hold On To Lithium-ion Battery Unit

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Sony Corp (NYSE: SNE) has decided not to sell its lithium-ion battery unit according to Reuters.

For the past two years, the Japanese-based international conglomerate has been hoping to sell off the unit which has struggled against cheaper South Korean rivals.

Reuters reported that Sony was close to selling the unit to fellow Japanese international giants, Nissan Motor and NEC Corp. Talks have stalled leading Sony to hold on to the battery unit.

Last year the company sold its chemical business to a government turnaround fund as part of its strategy of focusing on consumer electronic goods such as cameras and smartphones.

Sony is now hoping that a weaker yen and growing demand for smart phone batteries can help turn around the division in the coming years.

A weaker yen benefits Japanese exports as goods will be more competitive in the international market.

The yen is trading near five-year lows against the U.S. dollar and is trading near ten-year lows against other currencies such as the Singapore dollar.

Posted-In: Japanese Exports Japanese Yen Sony Sony Battery Unit Sony Chemical Business U.S. Dollar YenNews Best of Benzinga

 

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