LM Ericsson and Sony Corporation announced today that their respective Boards have approved the Mobile Phone Joint Venture. During meetings in Stockholm, the Board of directors of both parent companies confirmed that the new company, Sony Ericsson Mobile Communications AB, will start operations on October 1, 2001, subject to necessary approvals from regulators. On August 28, both companies signed an agreement to set up Sony Ericsson Mobile Communications as an equally owned Joint venture, a company that aims to become a leading player in mobile phones and multimedia handheld communication products within several years.
Ericsson is shaping the future of Mobile and Broadband Internet communications through its continuous technology leadership. Providing innovative solutions in more than 140 countries, Ericsson is helping to create the most powerful communication companies in the world.
Read more at http://www.ericsson.com/press
About Sony Corporation
Sony Corporation is a leading manufacturer of audio, video, game, communications and information technology products for the consumer and professional markets. With its music, pictures, computer entertainment and on-line businesses, Sony is uniquely positioned to be a leading personal broadband entertainment company in the world. Sony recorded consolidated annual sales of nearly US$ 60 billion for the fiscal year ended March 31, 2001. Sony’s Home Page URL: www.world.sony.com