Sony to Change Name for 1st Time since 1958

Economy

Tokyo, May 19 (Jiji Press)--Sony Corp. <6758> said Tuesday it will change its name to Sony Group Corp. in April next year to become a company specializing in headquarters operations to oversee its units.

The name change will be the first for the electronics company since 1958, when Tokyo Tsushin Kogyo K.K. was renamed Sony Corp.

In addition, Sony will invest some 400 billion yen to take full control of subsidiary Sony Financial Holdings Inc. <8729> in summer this year, as part of its reform to improve the whole group's corporate value.

Following the name change, "Sony" as the business name will be taken over by Sony Electronics Corp., which produces audio, video and communications equipment, the group's original business.

The financial business is one of Sony's core operations, accounting for more than 15 pct of its consolidated revenue.

[Copyright The Jiji Press, Ltd.]

Jiji Press