AMSTERDAM, the Netherlands -- Royal Philips Electronics NV today announced an agreement to acquire the remaining shares of a Japanese joint venture in liquid-crystal displays that was formed three years ago with Hosiden Corp. in Osaka.
The Dutch electronics giant said it will buy the remaining 20% interest in Hosiden and Philips Display Corp. (HAPD), which was set up in April 1997 to produce 15-inch active-matrix LCDs. Philips did not release financial details of the acquisition.
HAPD will become a wholly owned Philips company and will change its name to Philips Components Kobe K.K., effective today. Philips and Hosiden formed HAPD as a 50/50 joint venture three years ago, and in 1998, Philips increased its stake in the LCD operation to 80%.