toggle

AAPL Stock: 112.34 ( + 4.62 )

Printed from http://www.macnn.com

Toshiba to buy out Panasonic stake in LCD venture

updated 01:10 pm EDT, Mon March 30, 2009

Toshiba buys Pnsnc. stake

Toshiba is in negotiations to buy out Panasonic's stake of a joint LCD venture, claims the Financial Times. Panasonic currently controls 40 percent of Toshiba Matsushita Display Technology, which produces smaller LCDs used in products like cellphones. The venture has been hit by falling product prices however, and is predicting an operating loss of approximately 30 billion yen ($309.6 million) in the fiscal year ending March 2009.

The deal is said to have been instigated by Panasonic, and should be worth "several billion" yen when completed. While refusing to comment on the possibility of a Toshiba buyout, Panasonic has nevertheless admitted that its current strategy is to focus on larger plasma and LCD panels. The Times notes that Toshiba Matsushita Display is one of the leading companies in OLED technology; divesting from TMD could be a sign that Panasonic feels OLED is not making rapid progress, although it funds an OLED initiative of its own.

Toshiba is meanwhile expected to absorb a net loss of 280 billion yen for FY08 as it engages in major expansions. The company has agreed to buy Fujitsu's hard drive division, and is also developing a new business in lithium-ion batteries. Weakening of the tech industry due to the economy has allowed a number of corporations to make otherwise unaffordable acquisitions.




by MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

Blue Yeti Studio

Despite being very familiar with Blue Microphones' lower-end products -- we've long recommended the company's Snowball line of mics ...

ZTE Spro 2 Smart Projector

Home theaters are becoming more and more accessible these days, but maybe you've been a bit wary about buying a home projector. And h ...

MSI Geforce GTX 970 100ME

When Nvidia announced a new line of video cards in September 2014, many people thought things would continue to be business as usual i ...

toggle

Most Commented