Sony expands in Philippines

Sony expands in Philippines

MANILA (AFP): Sony Corp. of Japan and its Philippine licensee, Solid Group Inc., announced here yesterday, that they were forming a new joint venture to handle the sales and marketing of Sony audio-visual products.

The new company, Sony Philippines Inc., will have a capitalization of US$1 million and will be 67 percent owned by Sony Corp. and 33 percent by Solid, the company said in a statement.

Solid Group, through its subsidiary Solid Corp., has been Sony's official licensee in the Philippines since 1971 and has produced Sony audio-visual products under license and also handled the sales and marketing of these products in this country.

Solid Corp. will continue to manufacture and provide products to Sony Philippines, the statement said.