Transfer of Management Rights Relating to IPS Alpha Technology
Tokyo, Japan, June 30, 2010 --- Panasonic Corporation (NYSE: PC / TSE: 6752, “Panasonic”), Hitachi, Ltd. (NYSE:HIT / TSE:6501, “Hitachi”) and Hitachi Displays, Ltd. (“Hitachi Displays”), Hitachi’s subsidiary which is engaged in the small and medium-sized LCD panel business, announced that Hitachi Displays conducts a corporate split today to establish IPS Alpha Support Co., Ltd (“IPS Alpha Support”). IPS Alpha Support will assume Hitachi Displays’ entire shareholding of 50.02% shares of IPS Alpha Technology, Ltd. (“IPS Alpha”), which designs, manufactures and sells large-sized LCD TV panels. Also today, Hitachi Displays transfers 94% shares of IPS Alpha Support to Panasonic, and 6% shares to Hitachi.
As a result of these transactions, Panasonic will effectively acquire 47.02% shares of IPS Alpha. Adding to its existing shareholding of 44.98%, Panasonic will have an effective investment in IPS Alpha of 92%.
Hitachi will have an effective investment in IPS Alpha of 5% during the current fiscal year, by acquiring 6% shares of IPS Alpha Support and other measures.
|
1) |
Company name |
IPS Alpha Technology, Ltd. |
|
2) |
President |
Fumiaki Yonai |
|
3) |
Headquarters |
3732, Hayano, Mobara-shi, Chiba, Japan |
|
4) |
Established |
January 1, 2005 |
|
5) |
Main businesses |
Design, manufacture, sales and related maintenance & services of |
|
6) |
Fiscal year-end |
March 31 |
|
7) |
No. of employees |
3,065 (As of March 31, 2010; consolidated) |
|
8) |
Capital |
100.0 billion yen |
|
9) |
Shareholdings |
IPS Alpha Support Co., Ltd. : 50.02%, |
|
10) |
Sales |
142.0 billion yen (Year ended March 31, 2010; consolidated) |
|
1) |
Company name |
Hitachi Displays, Ltd. |
|
2) |
President |
Yoshiyuki Imoto |
|
3) |
Headquarters |
Kanda Neribei-cho 3, Chiyoda-ku, Tokyo, Japan |
|
4) |
Established |
October 1, 2002 |
|
5) |
Main businesses |
Design, manufacture, and sales of small & medium-sized LCD |
|
6) |
Fiscal year-end |
March 31 |
|
7) |
No. of employees |
11,412 (As of March 31, 2010; consolidated) |
|
8) |
Capital |
35,274.5 million yen |
|
9) |
Shareholdings |
Hitachi, Ltd. : 75.1%, |
|
10) |
Sales |
156.2 billion yen (Year ended March 31, 2010; consolidated) |
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 7.42 trillion yen (US$79.4 billion) for the year ended March 31, 2010. 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.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2009 (ended March 31, 2010) consolidated revenues totaled 8,968 billion yen ($96.4 billion). Hitachi will focus more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, environmental, industrial and transportation systems, and social and urban systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
PR Group, Corporate Communications Headquarters
Panasonic Corporation
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Hajime Kito
Hitachi, Ltd.
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Hiromichi Moriguchi
Hitachi Displays, Ltd.
+81-3-4554-5555
Mickey Takeuchi
Hitachi America, Ltd.
+1-914-333-2987
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