Ericsson and Sony to create world leader in mobile phones

by MobiGates — published on April 24th, 2001

Ericsson and Sony Corporation today jointly announced that they have signed a Memorandum of Understanding (MoU) with the intention to create a new company that will incorporate their respective mobile phone businesses worldwide.
Outline of the New Company based on MoU Name of company: Sony Ericsson Mobile Communications.
Capital: Ericsson 50%, Sony 50%
Start of operation: October 1, 2001
Size of business:
Fiscal year 2000 shipments: Approx. 50million units (Approx. US$7.2 billion)
Ericsson: January-December, 2000 / Sony: April 2000 - March 2001
Board of directors:
4 from Ericsson (including 1 from the new company) 4 from Sony (including 1 from the new company) To be appointed Chairman of the Board is Kurt Hellström (President and CEO, Ericsson)
Corporate executive team:
President, Katsumi Ihara (Corporate Executive Vice President, Sony Corporation)
Executive Vice President, Jan Wäreby (President, Division Consumer Products, Ericsson)
Estimated number of employees: Approx. 3,500 (worldwide)
Products: Mobile phones and handheld multimedia communication products

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