Matsushita Toshiba Picture Display: a new CRT production joint venture
Having posted the joint press release, Matsushita Electric and Toshiba Corporation announced new joint venture Matsushita Toshiba Picture Display Co., Ltd. which will produce cathode-ray tubes from April 1, 2003.
The companies agreed to form a joint enterprise on September 26, 2002. The headquarters of Matsushita Toshiba Picture Display will be located in Osaka. At that parent companies merged not only the production facilities, but also R&D and distribution divisions as well. so, new Matsushita Toshiba Picture Display becomes the third largest CRT maker worldwide. Currently Matsushita owns 64.5% of new enterprise, Toshiba – 35.5%.
The new joint venture will give jobs for 15.7 thousand people. Turnover for 2003 is expected to make 300 billion yens (about $2.5 billion).
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