Sony and Qimonda Form Joint Venture

Sony and Qimonda announced Tuesday that the two companies would form a joint venture to design high-performance chips specifically for consumer and graphics equipment. According to a statement issued Tuesday, the new company will be named Qreatic Design, headquartered in Tokyo, Japan. It is expected that the company will begin operations by the end of this year. Sources said Sony and Qimonda will each own 50% of the new company's shares. The two companies said that the initial 30 "experts" of the joint venture would come from Sony and Qimonda respectively. However, the two companies did not disclose detailed financial details of forming the joint venture, or whether they have received regulatory approval.