OSAKA, Japan -- Matsushita Electric Industrial Co. Ltd. today announced plans to transfer its liquid crystal display (LCD) business to a new joint venture with Toshiba Corp., effective April 1. The new company will be called Toshiba Matsushita Display Technology Co.
Toshiba and Matsushita said the joint-venture company will enable them to accelerate development of LCDs for emerging applications, such as flat-panel display televisions, while increasing the competitiveness of existing products in the global market. The new company will be 60% owned by Toshiba and 40% by Matsushita.
The joint venture will be headquartered in Tokyo and employ about 2,900 workers. It will start on April 1 with a capital stock value of 10 billion yen ($74.6 million), and its total assets have been set at 200 billion yen ($1.49 billion), according to Matsushita.
Toshiba Matsushita Display will have access a range of technologies from its joint owners, including high Toshiba's manufacturing systems for large-sized low-temperature polysilicon (LTP) thin-film transistor (TFT) LCDs and Matsushita's LCD image processing technology for fast-response TV.
The new joint venture will also pursue LCD applications for personal computers, and new mobile products, such as Internet appliances. The parent companies also said the joint venture will further expand LCD applications with advancements in system-on-glass technology for next-generation displays.