Mori Seiki and Sony sign agreement to sell SMS measuring systems business

MUMBAI: Mori Seiki, Sony Corporation and Sony Manufacturing Systems Corporation (SMS), have signed a definitive agreement to sell the measuring systems (Magnescale, Laserscale and digital gauge) business of SMS, primarily operated at SMS’ Isehara Plant, together with related manufacturing and sales businesses in other Sony subsidiaries, to Mori Seiki.

 

After completion of the transaction, a new entity engaging in the measuring systems business divested from SMS is expected to become a wholly owned and consolidated subsidiary of Mori Seiki as of the end of March 2010, subject to receipt of any necessary government approvals.

 

Outline of the Definitive Agreement :

 

(1)     Business to be Transferred Production, maintenance and after-sales support operations of the Magnescale, Laserscale, and digital gauge business operated at SMS’ Isehara plant, sales marketing operations of the measuring systems business located at SMS’ domestic plants and other Sony sales subsidiaries, etc.

 

(2)     Consideration for Transfer

 

 6 billion Japanese yen

 

 Impact on Financial Results

 

For the current fiscal year, no material impact is anticipated in connection with the transaction on either Mori Seiki’s or Sony’s consolidated financial results.

 

 

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