Sony, Hitachi, and Toshiba Agree to "Japan Display"
New company will start in spring 2012
Many of the companies in the LCD panel manufacturing realm are looking for ways to help them improve the bottom line, including selling out and restructuring. Sony announced that it was breaking off its struggling TV arm a few weeks ago.
Sony's Ayano Iguchi said when the break up was announced, "By dividing into three divisions, we will make clearer the mission and responsibilities of these."
Hitachi, Sony, and Toshiba have all agreed to the integration of their small and medium size LCD panel businesses in conjunction with the Innovation Network Corporation of Japan (INCJ). The merged businesses will be known as Japan Display. Sony, Hitachi, and Toshiba will each retain about 10% of the merged venture and INCJ will hold a much larger portion.
The new company will be partly public.
INCJ will invest 200 billion yen into Japan Display in exchange for newly issued shared in the company. The new entity is expected to start operating in the spring of 2012.
Panasonic has also announced in a separate deal that it has agreed to sell a LCD panel factory to Japan Display. The factory sale will be complete in April 2012.
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