Hitachi, Matsushita, Toshiba in Venture Sep 1, 2004

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Japan's Hitachi Ltd., Matsushita Electric Industrial Co., and Toshiba Corp. announced that they will jointly make displays for flat-screen televisions, starting as early as July 2006.

The companies plan to spend a total 110 billion yen (approx. U.S. $1 billion) on a new plant for large liquid crystal displays (LCDs) in eastern Chiba on the site of Hitachi's LCD panel-assembling facility, they said in a statement. The three companies' investment will comprise half the cost, while investments from suppliers is expected to cover the remaining portion.

Annual output will gradually increase until it reaches 2.5 million 32-in LCD displays for TVs by September 2008, the companies said.

Hitachi, Matsushita Electric, and Toshiba predict the global market -- around 3 million flat-screen, LCD TVs last year -- will expand five-fold by 2006.

Hitachi and Toshiba are based in Tokyo. Matsushita Electric, which makes the Panasonic and National brands, has its headquarters in the western city of Osaka. (AP)

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