Sony, Panasonic, Japan Display plan OLED joint venture
The new company is seeking investment from the Innovation Network Corporation of Japan, a public-private investment fund.
The Japanese makers working together in an attempt to become more competitive with South Korean rivals by combining their technological strength under the joint venture.
Negotiations are in the final stages to form the new company with Innovation Network Corporation of Japan expected to hold a 70 percent stake. Japan Display will take a 20 percent stake, while Sony and Panasonic are anticipated to take a five percent share each.
Sony and Panasonic have been engaged in OLED development for use in large-sized televisions, but they faced difficulties in making a profit given high production costs. The two companies will pull out from the development on their own and transfer engineers and other assets to the new joint venture.
Sony is expected to continue developing its own OLED displays for industrial use in broadcasting and medical equipment.
Japan Display was formed in April 2012 by integrating the LCD businesses of Hitachi Ltd., Toshiba Corp. and Sony.
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