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September 11, 2001
Telefonaktiebolaget LM Ericsson and Sony Corporation announced today that their respective Boards have approved the Mobile Phone Joint Venture. During meetings in Stockholm, the Board of directors of both parent companies confirmed that the new company, Sony Ericsson Mobile Communications AB, will start operations on October 1, 2001, subject to necessary approvals from regulators.
The Board of Sony Ericsson Mobile Communications AB will include Kurt Hellström, President and Chief Executive Officer of Ericsson, Kunitake Ando, President and Chief Operating Officer of Sony Corporation, Sten Fornell Executive Vice President and Chief Financial Officer of Ericsson, Teruhisa Tokunaka, Executive Deputy President and Chief Financial Officer of Sony Corporation, Morgan Bengtsson, President of Ericsson Japan, Otto Zich, Chairman and Chief Executive Officer of Sony Europe, Katsumi Ihara, President of Sony Ericsson Mobile Communications AB and Jan Wäreby, Executive Vice President of Sony Ericsson Mobile Communications AB.
On August 28, both companies signed an agreement to set up Sony Ericsson Mobile Communications as an equally owned Joint venture, a company that aims to become a leading player in mobile phones and multimedia handheld communication products within several years.
