Toshiba and Matsushita joint venture scheduled for April 2002

OCTOBER 17--Toshiba Corporation and Matsushita Electric Industrial Co. Ltd. (both Tokyo) will unify their liquid-crystal-display (LCD) and next-generation display businesses in a joint venture company that will be incorporated in April 2002--owned 60% and 40% by Toshiba and Matsushita, respectively.

OCTOBER 17--Toshiba Corporation and Matsushita Electric Industrial Co. Ltd. (both Tokyo) will unify their liquid-crystal-display (LCD) and next-generation display businesses in a joint venture company that will be incorporated in April 2002--owned 60% and 40% by Toshiba and Matsushita, respectively. The business integration will involve product development, manufacturing, and sales operations and will make the joint venture the world's third-largest LCD company, based on sales turnover in the fiscal year ended March 31, 2001.

The global LCD market is expected to continue high annual growth of 17% over the coming years, thanks to the increasing popularity of personal digital assistants, LCD TVs, and Internet appliances. It is also a highly competitive market, and the joint venture will allow Toshiba and Matsushita to increase their global competitiveness and accelerate development of emerging applications, including LCD TVs and Internet appliances.

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