Sony, Hitachi, Toshiba to Merge Display Units

Japanese electronics giant Sony Corp. on Wednesday said it has signed a non-binding Memorandum of Understanding with rivals Hitachi Ltd. and Toshiba Corp.to form a joint venture to integrate their small- and medium-sized display businesses, with an aim to enhance competitiveness.

All of the issued shares of subsidiaries Hitachi Displays, Sony Mobile Display and Toshiba Mobile Display and other assets are to be transferred to the new company which is to be called Japan Display.

INCJ, which provides financial, technological, and management support for next-generation businesses, plans to invest ¥200 billion (US$2.6 billion) in the joint venture in exchange for shares to be newly issued by it as a third-party allotment, the companies said.

The Japanese government has long encouraged the nation’s manufacturers to consolidate as a way to increase their presence in global markets and better fight mounting competition from rivals like Samsung Electronics of South Korea, which is now far bigger and profitable than any single Japanese electronics-maker.

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