Sony sells Tijuana TV factory to cut losses
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Sony Corp. said today that it had agreed to sell a television factory in Tijuana to a Taiwanese company as part of the Japanese electronics maker’s efforts to cut costs and stem massive losses.
Hon Hai Precision Industry will buy 90% of the manufacturing operation, known as Sony Baja California, Sony said, declining to disclose the price.
Sony said it would continue to have its TVs made at the plant under an outsourcing arrangement. The plant’s 3,300 workers will not be affected by the sale, Sony said.
Sony lost more than $1 billion in the fiscal year that ended in March, its first red ink for a full year in 14 years. It is forecasting a $1.3-billion loss for the current fiscal year.
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