Japanese electronics giant Sony Corp. (SNE) Monday said it suspended operations at seven plants due to power outages following the earthquake in Pacific Coast of Tohoku and tsunami on March 11. The company is currently evaluating the full impact of these issues on its businesses and consolidated financial results.
The company said operations at several of its sites and facilities have been affected by the earthquake and tsunami. However, no significant injuries have been reported to employees working at any of these sites.
The company is currently monitoring each sites, and is also considering the most effective recovery measures. As a response to reports of widespread power outages, the company also voluntarily suspended operations at several sites.
As of Monday, the company suspended manufacturing operations at Sony Chemical & Information Device Corp.'s Tagajyo Plant, and Tome Plant, Nakada/Toyosato Sites in Miyagi Prefecture. It suspended Sony Shiroishi Semiconductor Inc., also in Miyagi Prefecture.
Sony Energy Devices Corp.'s Koriyama and Motomiya Plants in Fukushima Prefecture, Sony Manufacturing Systems Corp.'s Kuki Plant in Saitama Prefecture and Sony DADC Japan Inc.'s Ibaraki Facility in Ibaraki Prefecture also have suspended its operations. In addition, Sony's Sendai Technology Center has ceased operations due to earthquake damage. The company is currently reviewing possible damage at other Sony Group companies in Japan.
Sunday, Sony offered 300 million Japanese yen in donation to help relief and recovery efforts following the devastating earthquake and tsunami. Additionally, the company has set up a disaster relief fund to collect donations from its global employees. The company will also donate 30,000 Sony radios to assist the relief of earthquake victims.
SNE is currently trading at $30.84 in pre-market activity, down $2.61 or 7.80%.
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