Innovation Network Corporation of Japan ("INCJ") and Panasonic Corporation ("Panasonic") hereby announce that both companies have reached an agreement in principle today regarding the transfer of the Mobara plant of Panasonic Liquid Crystal Display Co., Ltd., a subsidiary of Panasonic, to Japan Display Inc. ("Japan Display"-provisional name), a new company that is in the process of being established to pursue small- and medium-sized display business.
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.
Innovation Network Corporation of Japan http://www.incj.co.jp/english/
1-6-5, Marunouchi, Chiyoda-ku Tokyo 100-0005, Japan
Strategic Planning Office
Panasonic Corporation http://panasonic.net/
1006, Oaza Kadoma, Kadoma-shi, Osaka 571-8501, Japan
PR Group, Global Public Relations Office
Panasonic News Bureau
INCJ was established in July 2009 as a public-private partnership that provides financial, technological and management support for next-generation businesses. INCJ specifically supports those projects that combine technologies and varied expertise across industries and materialize open innovation. INCJ has the capacity to invest up to 900 billion yen (approx US$12 billion). To date, INCJ has invested approximately 325 billion yen in a total of 19 projects and is currently focused on a broad range of areas from green energy, electronics, IT and biotechnology to infrastructure-related sectors such as water supply. INCJ maintains a hands-on approach to investment, engaging in the business development of cutting-edge core technologies through intellectual property funds, expansion of venture companies and aggressive overseas development through initiatives such as restructuring and mergers of tech businesses and acquisitions of foreign companies.
Panasonic Corporation is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales of 8.69 trillion yen (US$105 billion) for the year ended March 31, 2011. The company's shares are listed on the Tokyo, Osaka, Nagoya and New York (NYSE:PC) stock exchanges. For more information on the company and the Panasonic brand, visit the company's website at http://panasonic.net/.