Matsushita Electric division and transfer of LCD business

Japanese electronics company Matsushita Electric Industrial Co., Ltd. announced last week that the company has decided at its board of directors meeting held on 29 January 2002 to divide and transfer …

Japanese electronics company Matsushita Electric Industrial Co., Ltd. announced last week that the company has decided at its board of directors meeting held on 29 January 2002 to divide and transfer its liquid crystal display (LCD) and related businesses into Toshiba Matsushita Display Technology Co., Ltd. (New Company) to be jointly established with Toshiba Corporation (Toshiba) effective 1 April 2002. The global LCD market is expected to continue high growth over the coming years, thanks to the increasing popularity of such LCD applications as digital consumer electronic equipment and information terminals, although it is also a highly competitive market. The New Company will allow Toshiba and Matsushita to increase their global competitiveness and accelerate development of emerging applications, including LCD TVs and Internet appliances. In addition to its parents“ technology in high luminance, high resolution and low power consumption LCDs, the new joint venture will also be able to draw on Toshiba“s advanced manufacturing technology for large-sized low-temperature polysilicon (LTP) thin film transistor (TFT) LCDs and Matsushita“s cutting-edge LCD image processing technology for fast-response and high quality TV. The combined expertise of Toshiba and Matsushita in LCDs for home appliances, PCs and mobile products will enhance finished goods development such as digital TVs, PCs and new generations of mobile products. The New Company will further expand LCD applications by realizing system-on-glass technology, with an aim to become a leading company in LCD and next-generation display devices.