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Sony To Hold Onto Battery Unit

Tokyo – Sony Corp. has reversed a decision to sell off its lithium-ion battery unit, and will instead try to turn the business around buoyed by a weakened yen and increasing smart device demand, the Nikkei business daily reported Sunday.

The report added that the battery unit is also seeing increased demand for some of its new products.

 Faced with strong competition from South Korean rivals, Sony had been planning to sell off the battery business for the past two years, including a attempts by a government turnaround fund, which tried to broker a sale to a Nissan Motor and NEC earlier this year.

 After talks stalled, Sony notified the turnaround fund that it will now hold on to the battery unit and develop it as a core business, Nikkei said.