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Toshiba and Panasonic Agree on LCD Joint Venture Transfer
Tokyo, Apr 01, 2009 (ACN Newswire via COMTEX) --
Toshiba Corporation (TSE:6502, "Toshiba") and Panasonic Corporation (NYSE: PC/ TSE: 6752, "Panasonic") announced that today the two companies have signed a share transfer agreement under which Toshiba will acquire all of Panasonic's shares in Toshiba Matsushita Display Technology Co., Ltd. (TMD), a joint venture that develops, manufactures and sells liquid crystal displays (LCDs) and organic light emitting displays (OLEDs). The share transfer is scheduled to take place on April 28.
After completion of the share transfer transaction, TMD will become a wholly-owned subsidiary of Toshiba Group, and will change its name to "Toshiba Mobile Display Co., Ltd."
Established in 2002, TMD is an industry leader in small- and medium-sized LCDs for application in such products as mobile phones, portable PCs and in-vehicle displays. However, the company is now facing a very tough business environment: weak demand that is sharply down from last year, and continuous price erosion in small- and medium-sized LCD panels. In these circumstances, and as part of the Action Programs to improve profitability announced by Toshiba this January, TMD is now implementing restructuring initiatives in its LCD business, including closing certain manufacturing lines.
Acquiring Panasonic's stake in TMD will allow Toshiba to further accelerate decision-making and promote comprehensive restructuring of TMD's business.
Looking to the future, TMD aims to establish OLEDs as an engine for growth and to enhance its display business in the medium- to long-term.
About Toshiba Corporation
Toshiba Corporation (TYO: 6502) is a multinational conglomerate manufacturing company, headquartered in Tokyo, Japan. The company's main business is in Infrastructure, Consumer Products, and Electronic devices and components. Toshiba-made Semiconductors are among the Worldwide Top 20 Semiconductor Sales Leaders. Toshiba is the world's fifth largest personal computer manufacturer, after Hewlett-Packard and Dell of the U.S. Acer of Taiwan and Lenovo of China.
Panasonic
Best known for its Panasonic brand name, Matsushita Electric Industrial Co., Ltd. is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales of 9.07 trillion yen (approx. US$90.52 billion) for the year ended March 31, 2008. The company's shares are listed on the Tokyo, Osaka, Nagoya (TSE: 6752) and New York (NYSE: MC) stock exchanges. For more information on the company and the Panasonic brand, visit the company's website at http://panasonic.net/
Source: Toshiba CorporationPanasonic
Contact: Toshiba Corporation
International Media Relations Group
Corporate Communications Office
Tel : +81-(3)3457-2105
http://www.toshiba.co.jp/contact/media.htm
Panasonic Corporation
International PR
Tel: +81-(3)3578-1237 Fax:+81-(3)3436-6766
Panasonic News Bureau
Tel: +81-(3)3542-6205 Fax:+81-(3)3542-9018
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