Sony and Ericsson complete joint venture agreement

-Sony Ericsson Mobile Communications set to start operations on October 1 -Aiming for the world's leading position in mobile phones

Sony Corporation and Telefonaktiebolaget LM Ericsson today announced that they have agreed terms to merge their mobile phone businesses worldwide, subject to final approval of the Boards of the two parent companies and subject to regulatory approvals.

The two companies which signed their Memorandum of Understanding in April are well on schedule and set to establish the joint venture, Sony Ericsson Mobile Communications, as planned on October 1, 2001. The joint venture's global management will be based in London and, after necessary approvals, Sony and Ericsson will start to merge their respective operations.

Sony Ericsson Mobile Communications will begin its activity with global product, marketing and sales operations and an initial workforce of 3,500 employees. On a pro-forma basis, the combined mobile phone businesses achieved annual unit sales of approximately 50 million units and sales of USD 7.2 billion last year.

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