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Tuesday, November 15, 2011
INCJ, Hitachi, Sony To Merge Their Small- and Medium-Sized Display Businesses

Innovation Network Corporation of Japan (INCJ), Hitachi, Sony and Toshiba announced today that they have signed definitive agreements to integrate their small- and medium-sized display businesses in a new company to be established and operated by INCJ, which is planned to be named Japan Display Inc.

The Innovation Network Corp of Japan (INCJ) will invest about 200 billion yen ($2.6 billion) in the merged unit, taking a 70 percent stake. Sony, Toshiba and Hitachi will each take a 10 percent stake, the three firms said.

Pursuant to the definitive agreements, all of the issued shares of certain subsidiaries of Hitachi, Sony and Toshiba engaged in the small- and medium-sized display business (i.e., Hitachi Displays, Ltd., Sony Mobile Display Corporation, Sony Mobile Display Co., Ltd, and Toshiba Mobile Display Co., Ltd.) and other assets are planned to be transferred to Japan Display, in which each of the four companies INCJ, Sony, Toshiba and Hitachi will invest. INCJ is a public-private partnership that provides financial, technological and management support for next-generation businesses. INCJ will invest a total of 200 billion yen in Japan Display in exchange for shares to be newly issued to INCJ by Japan Display as a third-party allotment.

The merger will create the world's largest maker of small panels used in smartphones and tablet PCs, leapfrogging global leaders Sharp, Samsung Electronics and LG display.

Japan Display is expected to utilize technologies of the subsidiaries and establish new production lines by utilizing funds provided by INCJ, in order to meet the market demand for high value-added products. In addition, through efficient use of the existing production capabilities of the subsidiaries, Japan Display aims to improve its cost competitiveness to solidify its position as a global leading company in the small- and medium-sized display market.

The business is scheduled to begin operations in Spring of 2012, subject to the receipt of any necessary government approvals.

INCJ and and Panasonic Corporation have also reached an agreement in principle today regarding the transfer of Mobara plant of Panasonic Liquid Crystal Display Co., Ltd., a subsidiary of Panasonic, to Japan Display Inc. the newly established company.

Japan Display plans to develop a new manufacturing line for small- and medium-sized display production at the Mobara plant.

INCJ and Panasonic will proceed with discussions toward the scheduled conclusion of a definitive agreement by the end of December 2011 and aim to execute the transfer in April 2012.

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