Japanese firms NEC Corp. and Mitsubishi Electric Corp. said they have established a display-monitor joint venture in Tokyo. The company, named NEC-Mitsubishi Electric Visual Systems Corp., is capitali…
Japanese firms NEC Corp. and Mitsubishi Electric Corp. said they have established a display-monitor joint venture in Tokyo. The company, named NEC-Mitsubishi Electric Visual Systems Corp., is capitalized at one billion yen (US$ 9.5 million), and is equally owned by NEC and Mitsubishi Electric. The company will develop, design, produce and sell cathode ray tube monitors, liquid-crystal display monitors and other display-monitor-related products when it begins operations on April 1. First-year sales are estimated at 200 billion yen. Separately, NEC said it will sell part of the stakes it holds in three listed group companies by the March 31 book closing of this fiscal year as part of its restructuring plan, under which it aims to scale down interest-bearing debt. NEC“s stake in Nippon Electric Glass Co. will decline to 35% of outstanding shares from the current 42.1%, while its equity in Toyo Communication Equipment Co. will fall to 20% from 39%. NEC will reduce its stake in Ando Electric Co. to 35% from the current 50%.