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Relevant Press Releases
FOR IMMEDIATE RELEASE
Contacts: Matsushita Electric Industrial Co., Ltd. Yasuhiro Fukagawa, Corporate Communications Division Tel: +81-3-3578-1237, Fax: +81-3-5472-7608 Toshiba Corporation Midori Suzuki, Corporate Communications Office Tel: +81-3-3457-2105, Fax: +81-3-5444-9202
of New CRT Joint Venture
Osaka, Japan-- Matsushita Electric Industrial Co., Ltd. and Toshiba Corporation today announced that their joint venture Matsushita Toshiba Picture Display Co., Ltd. would start operation on April 1, 2003.
Mr. Minoru Ueda, currently General Manager of Matsushita's CRT (cathode ray tube) Business Integration Office, is to be named president of the joint venture.
Based on a September 26, 2002 basic agreement between Matsushita and Toshiba, the new company will integrate both companies' CRT operations from R&D to manufacturing and sales, making it the world's third largest CRT company.
The integration will cover both companies' manufacturing operations worldwide, except for those in Japan where the parent companies will continue to run their respective factories.
|Company Name:||Matsushita Toshiba Picture Display Co., Ltd.|
|Start of Business:||April 1, 2003|
|Headquarters:||Takatsuki City, Osaka|
|President:||Minoru Ueda, currently General Manager of Matsushita's CRT Business Integration Office|
Eisaburo Hamano, currently Corporate Vice President of Toshiba,
and General Manager of CRT J & V Project
|Capital:||10 billion yen|
|Shareholders:||Matsushita 64.5%; Toshiba 35.5%|
|Global Sales:||Approximately 300 billion-yen forecast for fiscal year 2003|
|Business:||Development, manufacture and sales of CRT's|