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Sony, Ericsson Pump Cash Into Joint Venture

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Jan 29, 2003, 10:53 AM   by (staff)

Sony and Ericsson said today they will invest an additional 150 million euros ($162 million) each into their mobile phone joint venture, Sony Ericsson Mobile Communications (SEMC). Sony said it expects the group to turn profitable in 2003. Since its creation in October 2001, SEMC has been steadily losing market share to competitors, partly because it has been unable to deliver its phones in volumes to shops in time.

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