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*****For immediate use March 31, 2003
NEC Establishes Specialist LCD Company to Develop Core LCD Technologies and Customized Products for the Industrial and High-End Monitor Markets
TOKYO, March 31, 2003---NEC Corporation (NEC) (NASDAQ: NIPNY) (FTSE: 6701q.l) (TYSE: 6701) announced today that its new liquid crystal display (LCD) company called NEC LCD Technologies, Ltd. (NEC LCD Technologies) will be established on April 1, 2003 as part of its business reorganization plan (announced in May 2002) that centered on separating each of the businesses of NEC Electron Devices. Operating as a specialist LCD company, NEC LCD Technologies has an initial workforce of close to 280 employees and a paid-in capital of 2 billion yen.
NEC LCD Technologies will develop, design, manufacture and sell color LCDs and target the industrial market by providing value-added, specialized customization for high-end monitors. The company will focus its business model to concentrate on the development of high-luminance display modules, high-speed response technologies, ultra-wide viewing angle technologies and adaptive design technologies that are in demand for display products. As part of its new business model that is aimed to create a business structure that can overcome global competition, NEC LCD Technologies will receive licensing revenue by supplying its state-of-the-art technologies to the new TFT LCD joint venture company that is scheduled to be established by NEC and the SVA (Group) Co., Ltd. in June 2003 in Shanghai, China.
Embodying the company's philosophy of creating new solutions for new and emerging markets together with its customers, NEC LCD Technologies' streamlined management team and company structure will ensure rapid decision making and provide a flexible base to adapt quickly to changes in market conditions. Kazuo Okuno, Associate Senior Vice President at NEC Corporation has been appointed President of the new company. Mr. Okuno, brings with him proven leadership from his former position as President of NEC Kansai, Ltd.
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 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 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 |
| Employees: |
Approximately 280 |
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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