I was reading one of my favorite photography websites (Digital Photography Review) and saw this article:
Toshiba to sell sensor business to Sony for $165 million
Toshiba is finalizing plans to sell its image sensor business to Sony for an estimated $165 million (¥20 billion) in a bid to raise cash after a $1.3 billion accounting scandal. Toshiba, who manufactured sensors for the Nikon D5200 and D7100, among others, has been unloading assets (such as medical devices and elevators) as part of its restructuring plan.
Sony currently has 40% of the growing image sensor market, and is quadrupling spending to keep up with demand for both smartphones and digital cameras.
$1.3 billion accounting scandal??? Seriously, Whiskey Tango Foxtrot. Turns out I have been living under a rock for the last two months.
Excerpted from the Wall Street Journal:
5 Things To Know About Toshiba’s Accounting Scandal
-
- Profits were overstated by more than $1 billion
- Two former CEOs get particular blame
- A wholesale house-cleaning is under way
- Corporate governance is getting more attention in Japan
- It’s not over yet
You can read more at Bloomberg, Investopedia, Fortune and Reuters.
Crap - that sucks. They made the sensors for a couple of my Nikons and I am really happy with the results. I hope that Sony does not gain a monopoly market share as this would stifle development.
Leave a comment