November 15, 2011 — Panasonic Corporation’s subsidiary Panasonic Liquid Crystal Display Co. Ltd. has reached an agreement in principle to transfer its Mobara plant to Innovation Network Corporation of Japan (INCJ).
INCJ’s Japan Display Inc. (provisional name) is a new company being established to pursue small- and medium-sized display business. The company would develop a new manufacturing line at the Mobara display plant.
INCJ and Panasonic will proceed with discussions toward the scheduled conclusion of a definitive agreement by the end of December 2011 and aim to execute the transfer in April 2012.
INCJ was established in July 2009 as a public-private partnership that provides financial, technological and management support for next-generation businesses. INCJ specifically supports those projects that combine technologies and varied expertise across industries and materialize open innovation. INCJ has the capacity to invest up to 900 billion yen (approx US$12 billion). To date, INCJ has invested approximately 325 billion yen in a total of 19 projects and is currently focused on a broad range of areas from green energy, electronics, IT and biotechnology to infrastructure-related sectors such as water supply. INCJ maintains a hands-on approach to investment, engaging in the business development of cutting-edge core technologies through intellectual property funds, expansion of venture companies and aggressive overseas development through initiatives such as restructuring and mergers of tech businesses and acquisitions of foreign companies.
Panasonic Corporation develops and manufactures electronic products. The company’s shares are listed on the Tokyo, Osaka, Nagoya and New York (NYSE:PC) stock exchanges. For more information, visit the company’s website at http://panasonic.net/.