Murata Manufacturing Co., Ltd. ("Murata") and Sony Corporation ("Sony") today announced that they have signed a binding definitive agreement to transfer the Sony Group's battery business to the Murata Group ("Transfer"). Murata and Sony had previously announced on July 28, 2016 that they had entered into a non-binding memorandum of understanding regarding the Transfer.
From the perspective of each of their portfolio strategies, and in order to increase the competitiveness and ensure the sustained growth of the battery businesses while also continuing to secure appropriate investment to achieve such competitiveness and sustained growth, Murata and Sony determined that it would be mutually beneficial to transfer the technological strengths and business experience Sony has accumulated in the battery business to Murata, and for the business to be operated within the Murata Group.
Under the definitive agreement, Sony will transfer to Murata the battery business conducted by Sony Energy Devices Corporation, Sony's wholly-owned subsidiary in Japan; Sony's battery-related manufacturing operations located in China and Singapore; and assets and personnel assigned to the battery business at the Sony Group's sales and R&D sites in Japan and worldwide. The sales price is approximately 17.5 billion yen. Murata is planning to offer the approximately 8,500 Sony Group employees who are involved in the battery business employment within the Murata Group upon the completion of the Transfer.
Business operations related to consumer sales of Sony-branded USB batteries, alkaline batteries, button and coin batteries, and mobile projectors, as well as certain other products, will not be part of the Transfer.
Murata and Sony are aiming to complete the Transfer by early April 2017, subject to required regulatory approvals and other conditions.