As part of recently appointed CEO Howard Stringer's restructuring project, Sony (SNE) has plans to shed more than $1 billion of non-core assets. According to Reuters-Tokyo, four non-core units are said to be on the block, with Nikko Cordial Corp., emerging as a potential buyer. An anonymous source gave a broad range for a potential sale price, estimating that the business units would sell for no more than 100 billion yen (approx. US$840 million) but likely for more than 30 billion yen (approx. US$300 million).
The four non-core units for sale include:
1. Sony Plaza Co., an import-retailer
2. B&C Laboratories Inc., a cosmetics manuf.
3. Maxim's de Paris Corp., a French restaurant chain
4. Sony Family Club, Inc., a mail order business
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