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*****For immediate use January 30, 2003
NEC Establishes New LCD Company to Develop Core LCD Technologies and Customized Products for the Industrial and High-End Monitor Markets
TOKYO, January 30, 2003---NEC Corporation (NEC) (NASDAQ: NIPNY) (FTSE: 6701q.l) (TYSE: 6701) today resolved at its Board of Directors meeting to establish a new liquid crystal display (LCD) company called NEC LCD Technologies, Ltd. as part of its business reorganization plan (announced in May 2002) that centered on separating each of the businesses of NEC Electron Devices.
Kazuo Okuno, Associate Senior Vice President at NEC Corporation has been appointed President of the new company. Mr. Okuno, who brings with him proven leadership from his former position as President of NEC Kansai, Ltd., is expected to continue to implement strong management reforms that will strengthen and promote NEC LCD Technologies, Ltd.'s capabilities and expertise in providing industry-leading color LCD technologies and products.
NEC LCD Technologies, Ltd. will develop, design, manufacture and sell color LCDs and target the industrial market by providing value-added, specialized customization for display products. The company will focus its business model to concentrate on the development of ultra-wide viewing angle technologies and high-resolution display modules that are in demand for high-end monitors. The streamlined management team and company structure will ensure rapid decision-making and provide a flexible base to adapt quickly to changes in market conditions.
In addition to the establishment of the new company, NEC continues its worldwide sales and distribution of LCD products. NEC Electronics America, Inc. is the main sales supplier of NEC active-matrix LCD and PDP modules in North America, and NEC Electronics (Europe) GmbH markets and sells NEC thin film transistor (TFT) active-matrix LCD and PDP modules in Europe.
Outline of NEC LCD Technologies, Ltd.
| Company name: |
NEC LCD Technologies, Ltd. |
| Date of business transfer: |
April 1, 2003 |
| President: |
Kazuo Okuno |
| Business Area: |
Development, design, manufacture, sale, and maintenance of color liquid crystal displays |
| Head office: |
Kawasaki City, Kanagawa Prefecture, Japan |
| Stated Capital: |
2 billion yen |
Number of shares to
be issued at the time
of establishment: |
40 thousand shares of common stock |
| Net sales: |
Approximately 60 billion yen
(Net sales forecast for the fiscal year 2002, ending March 2003) |
| Employees: |
Approximately 280 |
NEC LCD Technologies, Ltd. Board of Directors, Corporate Auditors
POSITION AT NEC LCD
TECHNOLOGIES, LTD. |
NAME |
CURRENT POSITION |
| President |
Kazuo Okuno |
Associate Senior Vice President, NEC Corporation |
| Member of the Board |
Toshio Ohta |
Vice President, NEC Corporation |
| Member of the Board |
Toshihiko Ueno |
General Manager, Color LCD Division, NEC Corporation |
| Member of the Board |
Shunichi Suzuki |
Senior Vice President and Member of the Board, NEC Corporation |
| Member of the Board |
Kuniyuki Hamano |
Senior Vice President, NEC Kagoshima, Ltd. |
| Member of the Board |
Hiroshi Tahara |
Associate Senior Vice President, NEC Akita, Ltd. |
| Corporate Auditor |
Mitsuru Tanahashi |
Advisor, NEC Akita, Ltd. |
| Corporate Auditor |
Yasuo Matoi |
Associate Senior Vice President, NEC Corporation |
| Corporate Auditor |
Sumio Imaizumi |
General Manager, Human Resources Development Division, NEC Corporation |
NEC Corporation
NEC Corporation (NASDAQ: NIPNY, FTSE: 6701q.l, TSE: 6701) is one of the world's leading providers of broadband and mobile Internet solutions dedicated to meeting the specialized needs of its diverse and global base of customers. Ranked as a Global Fortune 500(R) company and one of the world's top patent-producing companies, the NEC group delivers tailored solutions in the core technologies and services required in a networked world, ranging from advanced semiconductor solutions, to high-speed, large-capacity mission critical systems, system integration, and broadband and mobile technologies. The NEC group employs more than 140,000 people worldwide and had net sales of approximately $39 billion in the fiscal year ended March 2002. For additional information, please visit the NEC home page at http://www.nec.com.
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