Pioneer Buying NEC's Plasma Operations Feb 3, 2004

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Pioneer Corp. will buy NEC Corp.'s plasma display panel operations, the two Japanese electronics companies said due to the rising demand for plasma display panels and growing market of flat-screen TVs.

According to the two companies, pricing and other details will be announced later. Pioneer said it expects to hold a leading 22 percent share of the global plasma display panel market in fiscal 2005 as a result of the deal. Under the agreement, Pioneer will acquire all shares in NEC Plasma Display Corp., an NEC subsidiary, and all intellectual property rights NEC holds related to plasma display panels.

NEC said it hopes to focus on its core businesses of network solutions and semiconductors. Panel Display panels are a major part of Pioneer's business. (Associated Press)

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