Sony Looking to Raise Capital for Image Sensor Business
Jun 30, 2015, 7:32 AM by Eric M. Zeman
Sony plans to issue new shares of stock for the first time in 26 years as it hopes to raise about $4 billion in capital. The company said it will spend the money on bolstering its image sensor business, which is seeing high demand from smartphone and tablet makers. Sony's image sensor business, along with its PlayStation unit, have helped push the company back to its feet in recent quarters. Earlier this year, Sony said it would ramp up production in its image sensor plants, but now admits that it is struggling to keep up with demand. The capital plan marks a wholesale change in strategy for Sony, which will now bank on the image sensor and PlayStation businesses to keep it afloat. Sony said it will continue to make other electronic devices, such as TVs, but it will reduce its investments in such products. Sony did not specifically address what it will do about its smartphone operations.
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