Sony sells off chemicals arm

Sony said yesterday that it will sell off part of a chemical and device subsidiary that makes films and adhesives used in televisions, cameras and mobile phones to state-backed Development Bank of Japan. The company said a purchase price had not been decided. The Nikkei business daily reported earlier that the bank would pay ¥30-40bn for the purchase. Sony and the lender said in a release that they aimed to finalise the deal by 31 May, with the sale to be concluded by the end of the year.