Japanese electronics firm Sony has signed an agreement with a Japanese investment fund for the sale of its PC business.
Sony announced on Friday that it will sell its PC business, which currently operates under the brand name VAIO, to Japan Industrial Partners, or JIP.
JIP will establish a new company named VAIO Corporation, aiming to launch operations on July 1st.
It will operate the VAIO-branded PC business as an independent entity.
The company will be based in Azumino City in Nagano Prefecture, where a Sony plant currently manufacturing PCs is located.
Sony had about 1,100 people employed in its PC business as of February. Around 240 of them are expected to remain on the payroll under the new company. Sony officials say they will transfer the remaining workers to different sectors.
Sony is trying to improve its business performance by rebuilding its electronics segment. The company hopes to regain its profitability through streamlining efforts. This includes the sale of the PC business.