March 28, 2005 – Hitachi Ltd. has reached an official agreement with Fujitsu Limited concerning Fujitsu Hitachi Plasma Display Limited (FHP), a joint venture of the two companies, in accordance with a basic agreement signed on February 2. Under the agreement, both companies will provide financial assistance to FHP and Hitachi will acquire some of Fujitsu’s shareholding in FHP and Fujitsu patents relating to plasma display panel (PDP) technology.
The main details of the agreement signed today are as follows: Hitachi and Fujitsu will provide financial assistance to FHP through an injection of additional equity; Hitachi will acquire 30.1% of FHP’s issued shares from Fujitsu, giving Hitachi an 80.1% stake in FHP; and Hitachi will acquire PDP module patents owned by Fujitsu.
FHP will become a subsidiary of Hitachi after the share transaction. Furthermore, Yoshiyuki Imoto, currently COO of Hitachi’s Ubiquitous Platform Systems, is to become FHP’s president. There will be no change to FHP’s name following the purchase of these shares.