SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D. C. 20549
FORM
6-K
REPORT OF
FOREIGN PRIVATE ISSUER
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For the
month of December 2008
Commission
File Number: 001-06439
SONY
CORPORATION
(Translation
of registrant's name into English)
1-7-1
KONAN, MINATO-KU, TOKYO, 108-0075, JAPAN
(Address
of principal executive offices)
The
registrant files annual reports under cover of Form 20-F.
Indicate
by check mark whether the registrant files or will file annual reports
under
cover of Form 20-F or Form 40-F,
|
Form
20-F X
|
Form
40-F __
|
Indicate
by check mark whether
the registrant by furnishing the information
contained in
this Form
is also thereby furnishing the information to the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934,
Yes No
X
If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection
with Rule 12g3-2(b):82-______
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act
of 1934, the registrant has
duly caused this report to be signed on
its behalf by the undersigned,
thereunto duly authorized.
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SONY
CORPORATION
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(Registrant)
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By: /s/ Nobuyuki
Oneda
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(Signature)
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Nobuyuki
Oneda
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Executive
Vice President and
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Chief
Financial Officer
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Date: December
9, 2008
List of
materials
Documents
attached hereto:
i) Press
release announcing Sony
Announces Initiatives to Improve Profitability and Enhance Operational
Efficiencies in its Electronics
Businesses
 News
& Information
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1-7-1
Konan
Minato-ku
Tokyo,
108-0075
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|
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December 9,
2008
No.08-150E
|
Sony
Announces Initiatives to Improve Profitability and Enhance
Operational
Efficiencies in its Electronics Businesses
Tokyo,
Japan,
December 9, 2008 – Sony Corporation
(“Sony”) has embarked on a series of measures to strengthen its corporate
structure and bolster profitability across the Sony Group.
These initiatives are in response to the sudden and rapid
changes in the global economic environment.
Particularly
within its electronics business, where Sony has been most affected by
the acute downturn in the economic climate, the company has
already undertaken certain short-term measures, including adjusting production,
lowering inventory levels, and reducing operational
expenses. Going forward, Sony intends to adjust product pricing to
mitigate the impact of the appreciation of the yen, curtail or delay part
of its investment plans, and downsize or withdraw from unprofitable or non-core
businesses. Furthermore, Sony plans to realign domestic and overseas
manufacturing sites, reallocate its workforce and reduce headcount.
Through
these measures, Sony will aim to establish a corporate structure capable of
delivering estimated total annual cost savings of more than 100
billion yen by the end of the fiscal year ending March 31,
2010.
Details of
the initiatives to be implemented within the electronics business at this time
are as follows:
1. Review of investment
plan
Sony has
carefully reviewed the investment plan outlined in its Mid-Term Corporate
Strategy Update, with the aim of sharpening its focus consistent with Sony’s
growth strategy, and is reducing or postponing planned investment as
appropriate. Specifically, within the semiconductor business, Sony
intends to cut investment expenditures this fiscal year by outsourcing a portion
of its planned increase in manufacturing of CMOS image sensors for use in
mobile phones to third parties.
In
addition, following the rapid demand slowdown in television markets, Sony
has decided to postpone recently considered plans to invest in
production expansion at the Nitra plant in Slovakia, which is one of
Sony’s sites assembling LCD televisions for the European
market.
Based on
such measures, Sony is planning to reduce investment in the electronics
business by approximately 30% in the fiscal year ending March 31,
2010, compared to its mid-term plan.
2. Realignment of manufacturing sites
By the end
of the current fiscal year, Sony plans to cease production at two overseas
manufacturing sites,
including Sony Dax Technology Center in France, which
manufactures tape and other recording media. By further advancing
initiatives including rationalizing its manufacturing operations, shifting and
aggregating manufacturing to low-cost areas, and utilizing OEM and ODM partners,
Sony plans to reduce the total number of manufacturing sites by
approximately 10%, from the current total of 57, by March 31, 2010.
3. Workforce reallocation and
headcount reduction
Through
measures including the realignment of its manufacturing sites, a review of its
development and design structure, and the streamlining of its sales and
administrative functions, Sony will implement a company-wide (including
Headquarters) rationalization. Sony intends to reallocate and
optimize its workforce through programs including work reassignments and
outplacements.
As a
result of these measures, by March 31, 2010, Sony plans to reduce headcount in
the electronics business worldwide by approximately 8,000, out of approximately
160,000 as of September 30, 2008. At the same time, Sony plans to
reduce headcount in its seasonal and temporary workforces.
In
addition to these measures, Sony will continue to implement measures as required
to help assure both short and longer-term profitability and growth.
Sony plans
to outline the anticipated impact of these measures, including anticipated
expenses related to their implementation, in Sony’s updated
forecast of financial results for the current fiscal year to be included in
its third quarter earnings announcement, scheduled for January
2009.
Cautionary
Statement
Statements
made in this presentation with respect to Sony’s current plans, estimates,
strategies and beliefs and other statements that are not historical facts are
forward-looking statements about the future performance of
Sony. Forward-looking statements include, but are not limited to,
those statements using words such as “believe,” “expect,” “plans,” “strategy,”
“prospects,” “forecast,” “estimate,” “project,” “anticipate,” “aim,” “may” or
“might” and words of similar meaning in connection with a discussion of future
operations, financial performance, events or conditions. From time to
time, oral or written forward-looking statements may also be included in other
materials released to the public. These statements are based on
management’s assumptions and beliefs in light of the information currently
available to it. Sony cautions you that a number of important risks
and uncertainties could cause actual results to differ materially from those
discussed in the forward-looking statements, and therefore you should not place
undue reliance on them. You also should not rely on any obligation of
Sony to update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Sony disclaims any such
obligation. Risks and uncertainties that might affect Sony include,
but are not limited to (i) the global economic environment in which Sony
operates, as well as the economic conditions in Sony’s markets, particularly
levels of consumer spending as well as the recent worldwide crisis in the
financial markets and housing sectors; (ii) exchange rates, particularly between
the yen and the U.S. dollar, the euro and other currencies in which Sony makes
significant sales or in which Sony's assets and liabilities are
denominated; (iii) Sony’s ability to continue to design and develop and win
acceptance of, as well as achieve sufficient cost reductions for, its products
and services, including newly introduced platforms within the Game segment,
which are offered in highly competitive markets characterized by continual new
product introductions, rapid development in technology and subjective and
changing consumer preferences (particularly in the Electronics, Game and
Pictures segments, and the music business); (iv) Sony’s ability and timing to
recoup large-scale investments required for technology development and
increasing production capacity; (v) Sony’s ability to implement successfully
business reorganization activities in its Electronics segment; (vi) Sony’s
ability to implement successfully its network strategy for its Electronics, Game
and Pictures segments, and All Other, including the music business, and to
develop and implement successful sales and distribution strategies in its
Pictures segment and the music business in light of the Internet and other
technological developments; (vii) Sony’s continued ability to devote sufficient
resources to research and development and, with respect to capital expenditures,
to correctly prioritize investments (particularly in the Electronics segment);
(viii) Sony’s ability to maintain product quality (particularly in the
Electronics and Game segments); (ix) the success of Sony’s joint ventures and
alliances; (x) the outcome of pending legal and/or regulatory proceedings; (xi)
shifts in customer demand for financial services such as life insurance and
Sony’s ability to conduct successful asset liability management in the Financial
Services segment; and (xii) the impact of unfavorable conditions or developments
(including market fluctuations or volatility) in the Japanese equity markets on
the revenue and operating income of the Financial Services
segment. Risks and uncertainties also include the impact of any
future events with material adverse impacts.
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