Sony to invest $790m in scandal-hit Olympus
Purchase this article for republication
Buy SPH photos
A combo picture taken on Jan 23, 2012 shows logos of Japanese electronics giant Sony (top) and troubled optical giant Olympus (bottom). Cash-bleeding electronics giant Sony and scandal-tainted Olympus will formally agree a capital tie-up on Sept 28, 2012, a report said, as both companies look to turn the page on disastrous chapters. -- PHOTO: AFP
TOKYO (AFP) - Electronics giant Sony will invest 50 billion yen (S$790 million) in scandal-tainted Olympus, the firms said on Friday, as they both look to turn the page on disastrous chapters.
The investment will make cash-bleeding Sony the single biggest shareholder in Olympus, with slightly more than 11 per cent of its outstanding stock.
The companies will also establish a joint venture to develop endoscopes, with the focus on a type used in keyhole surgery, the statements said.
"At Sony we are aggressively pursuing the growth of our medical business, with the aim of developing it into a key pillar of our overall business portfolio," said Sony president Kazuo Hirai in a statement.
