Signing of Memorandum of Understanding for the Transfer of Battery Business
Murata Manufacturing Co., Ltd
Murata Manufacturing Co., Ltd. ("Murata") and Sony Corporation ("Sony") today announced that they have entered into a non-binding memorandum of understanding that confirms their intent to negotiate the transfer of the Sony Group's battery business to the Murata Group (the "Transfer"). Following due diligence and negotiation of detailed terms and conditions of the Transfer, Murata and Sony are aiming to execute binding definitive agreements by the middle of October 2016, and to complete the Transfer by the end of March 2017, subject to required regulatory approvals.
Although the scope of the Transfer remains to be finalized, the parties expect the Transfer to include 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.
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, are not expected to be included in the Transfer.
Access full press release