By Alexandra Steblinina. Sony’s alliance with South Korea's Samsung Electronics and the Sharp and Toshiba team will soon face strong new rival in their liquid crystal display businesses – as Matsushita, Hitachi and Canon announced Tuesday their unity.
The three companies are to merge their strength to accelerate the development of cutting-edge display technologies and expand their scope of application, the AP reports.
Matsushita Electric Industrial Co., Ltd. is a Japanese electronics manufacturer based in Kadoma, Osaka Prefecture, Japan. It produces products under a variety of names including Panasonic and Technics.
Matsushita was ranked the 59th company in the world in 2007 by the Forbes Global 500 and is among the Worldwide Top 20 Semiconductor Sales Leaders.
Hitachi, Ltd is a Japanese global company headquartered in Marunouchi Itchome, Chiyoda, Tokyo, Japan. The company is the parent of the Hitachi Group (Hitachi Gurupu).
On the 2007 Forbes Global 2000 list, Hitachi is ranked number 371.
Canon Inc. is a Japanese multinational corporation that specializes in imaging and optical products, including cameras, photocopiers and computer printers. The headquarters are in 30-2, Shimomaruko 3-chome, Ota-ku, Tokyo. Its North American headquarters is located in Lake Success, New York, USA.
Hitachi shares added 3.85 percent to 836 yen (US$7.33) after the announcement, while Matsushita stock rose 1.08 percent to 2,325 yen (US$20.38). Canon finished unchanged at 5,240 yen (US$45.94).
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