Date:18th Nov 2011

INCJ, Hitachi, Sony and Toshiba agree to form Japan Display Inc

Innovation Network Corporation of Japan (INCJ), Hitachi, Ltd. , Sony Corporation and Toshiba Corporation have signed agreement to integrate their small- and medium-sized display (mainly LCD panel display) businesses in a new company to be established and operated by INCJ, which is planned to be named Japan Display Inc.

The release states: 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 and one other Sony subsidiary, and Toshiba Mobile Display Co., Ltd., collectively referred to as the "Subject Subsidiaries") 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, as a public-private partnership that provides financial, technological and management support for next-generation businesses, 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, as per the release.

The new business is expected to start operations in Spring of 2012.