Sony likely to sell its battery business

Sony has been approached by at least three investment banks who want to sell its battery business.

The troubled technology giant has said that it wants to offload non-core assets and focus on reviving its consumer electronics business.

According to Reuters, the unit had sales last year of $1.74 billion, and its sale would help Sony cut costs and generate cash as it restructures.

CEO Kazuo Hirai wants to rebuild Sony around gaming, digital imaging and mobile devices, while nurturing new businesses such as medical devices.

He is axing 10,000 jobs, closing facilities and selling assets.

Apparently the potential buyers for Sony Energy Devices include a a joint venture with Union Carbide, Hon Hai Precision Industry and BYD which is a Chinese carmaker backed by billionaire investor Warren Buffett.

Hon Hai is also in negotiations to become rival TV maker Sharp’s biggest shareholder.