Business Services Industry
Hitachi, Toshiba and Matsushita to Establish TV LCD Panel Joint
JCNN News Summaries - Japan Corporate News Network, Nov 2, 2004 by Dale Hug
Hitachi, Ltd. (NYSE:HIT / TSE: 6501), Toshiba Corporation (TSE: 6502), and Matsushita Electric Industrial (NYSE: MC / TSE: 6752, aka "Panasonic") and wholly owned Hitachi subsidiary Hitachi Displays have announced the official conclusion of a joint venture agreement to establish a company to manufacture and sell LCD panels for flat panel TVs. This agreement follows a basic agreement signed on August 31 this year.
The joint venture, to be called IPS Alpha Technology, Ltd. is scheduled to commence operations on January 1, 2005. President of Hitachi Displays, Mr. Fumiaki Yonai, will serve concurrently as president of IPS Alpha.
IPS Alpha will manufacture LCD panels using Hitachi Displays' world-leading IPS mode system technology. Close collaboration with IPS Alpha is expected to achieve synergies in the production of finished products at Hitachi, Toshiba and Matsushita, allowing them to achieve LCD TVs that are even more competitive in terms of performance and price.
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