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Toshiba and Matsushita Announce Outline of New LCD Joint Venture

29 January, 2002


Matsushita Electric Industrial Co., Ltd.
Toshiba Corporation

Tokyo--Toshiba Corporation and Matsushita Electric Industrial Co., Ltd. today announced that their new joint venture, Toshiba Matsushita Display Technology Co., Ltd. would start operation on April 1, 2002. Mr. Yasusuke Sumitomo, currently Corporate Vice President of Toshiba Corporation and Executive Vice President of Toshiba's Display Devices & Components Company, is to be named president of the new company.

Established under the terms of an October 17, 2001 agreement between Toshiba and Matsushita, the new company will assume responsibility for all the partners' operations in liquid crystal displays (LCDs) and organic light emitting displays (OLEDs), from development to manufacturing and sales. It will make best use of the economies of scale resulting from the unification and work for early standardization of design methodologies and manufacturing processes. The company will also develop high-density mounting technology and seek to simplify production processes, so as to be the cost leader in the global market.

New LCD Joint Venture

Company NameToshiba Matsushita Display Technology Co., Ltd.
EstablishmentScheduled on April 1, 2002
HeadquartersMinato-ku, Tokyo
PresidentYasusuke Sumitomo, currently Executive Vice President of Toshiba's Display Devices & Components Company
Vice PresidentTakashi Jiromaru, currently General Manager of Matsushita's LCD Business Integration Office
Capital10 billion yen
OwnershipToshiba 60%; Matsushita 40%
Sales ForecastApproximately 340 billion in fiscal year, ending March 31, 2003
Employees2,900
BusinessDevelopment, manufacture and sales of low-temperature polysilicon TFT LCDs, amorphous TFT LCDs, STN LCDs and OLEDs

About Toshiba

Toshiba Corporation is a leader in information and communications systems, electronic components, consumer products, and power systems. The company's integration of these wide-ranging capabilities assures its position as a leading company in semiconductors, LCDs and other electronic devices. Toshiba has 188,000 employees worldwide and annual sales of over US$47 billion. Visit Toshiba's website at http://www.toshiba.co.jp

About Matsushita Electric Industrial

Matsushita Electric Industrial Co., Ltd., best known for its Panasonic, National, Technics and Quasar brand names, is a worldwide leader in the development and manufacture of electronics products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated sales of US$61.45 billion for the fiscal year ended March 31, 2001. In addition to the Tokyo and other Japanese stock exchanges (6752), Matsushita's shares are also listed on the Amsterdam, Dusseldorf, Frankfurt, New York, Pacific (NYSE/PCX:MC), and Paris stock exchanges. For more information, visit the Matsushita web site at http://www.panasonic.co.jp/global/top.html.


Information in the press releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement,but is subject to change without prior notice.

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