Leading CE manufactures in flat panel alliance

TOKYO Hitachi, Canon and Matsushita have teamed up to promote the flat panel television industry.

The companies announced Tuesday that they have formed an alliance aimed at reinforcing and growing the liquid crystal display ("LCD") panel businesses and technologies. According to the companies, they will use their individual strengths --Hitachi's in liquid crystal, Canon's in the camera and printing fields, and Matsushita in flat-panel televisions -- to help accelerate the development of advanced display technologies.

The companies reported that they have agreed that Canon and Matsushita will, by transfer of shares from Hitachi, each acquire 24.9% of the shares of Hitachi Displays Co., a wholly owned subsidiary of Hitachi engaged in small- and medium-sized LCD panel-related businesses, by March 31, 2008, subject to approvals by regulatory authorities. As a result, Hitachi's stake in Hitachi Displays is to become 50.2%.