MANHASSET, N.Y. Hitachi Ltd. has reached an agreement with Fujitsu Limited on the acquisition of Fujitsu Hitachi Plasma Display Limited (FHP), paving the way for the Japan-based joint venture company to become a Hitachi subsidiary.
On Feb. 2. Fujitsu announced it would exit the plasma display business by selling most of its plasma display business assets to Hitachi.
The final agreement calls for both Hitachi and Fujitsu to inject additional equity into FHP. Hitachi will then acquire 30.1 percent of FHP's issued shares of Fujitsu, giving it an 80.1 percent stake in the venture.
In addition, Hitachi would acquire Fujitsu's patents relating to plasma display panel (PDP) technology.
Yoshiyuki Imoto, currently chief operating officer of Hitachi's Ubiquitous Platform Systems, will become FHP's president. There will be no change to FHP's name following the share exchange.
Both Hitachi and FHP expect the new arrangement to expand markets for advanced PDPs and plasma TVs.