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Sony Sells Batter Business, Lowers Profit Forecast

Sony shares were falling after the company lowered its profit forecast after selling its batter-making business for $166.7 million.

Shares of Sony (SNE) - Get Report were lower Monday after the electronics company cut its profit forecast by 25% after dumping its battery business. Sony finalized the sale of the business to Murata Manufacturing (MRAAF) for $166.7 million while cutting its net profit forecast by 25%, to roughly $571 million. Sony expects the deal to close by April. Increased competition from Chinese and other Asian competitors has hampered Sony's battery making business. As of the June quarter, Sony saw a close to 11% decline in revenue and a 42% drop in operating profit across its 10 business sectors.

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