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Sony's new plant signals departure from 'asset-light' strategy

5G's rise and potential of markets beyond smartphones drive pivot

Sony CEO Kenichiro Yoshida speaks at a tech conference in Tokyo in September.

TOKYO -- After brushing aside demands from Daniel Loeb's hedge fund Third Point to spin off its semiconductor business, Sony reaffirmed its commitment to the sector by pushing forward plans to build a 100 billion yen ($918 million) factory in Japan.

The move not only made clear its rejection of Loeb's suggestion, but also marked a shift away from an "asset-light" strategy the company had been pursuing in recent years.

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