Toshiba, the Tokyo-based, Japanese firm has given its final consent on trading its business assets of Image Sensor to Sony. This all arrived as the aftermath of an accounting scandal that left investors lurching. The Japan-based firm, Toshiba confirmed that it has entered into an agreement, which is non-binding with Sony for the business assets and equipment in Oita Prefecture.
Sony, as a part of the agreement, will take the control of image sensor plant in South Japan’s Oita, along with 11,000 design and engineering staff of Toshiba. Once the transfer is done, the electronics giant Sony will hand over the plant’s control to one of its subsidiary, Sony Semiconductor Corporation.
The acquired business will be used for manufacturing image sensors CMOS that are used in a huge number of technical applications.
The financial details haven’t been disclosed yet, but if sources are to be believed, the deal is worth $166.5 million.
Toshiba gave a statement that this move will support the company with its future plans "devote its resources to products where it has a high technological advantage.”
Last month, Toshiba confessed it had magnified its profits records for the last seven years by approximately $2 billion.
This deal will strengthen Sony’s position as an ace player in the industry of image sensing. The acquisition of Image sensor business by Sony is expected to seal at the end of March 31, 2016.