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May 24, 2007
Hitachi and Panasonic Strengthen Plasma TV Business Partnership
Tokyo,
May 24, 2007 --- Hitachi, Ltd. (TSE: 6501/NYSE: HIT)
and Matsushita Electric Industrial Co., Ltd. (TSE: 6752/NYSE: MC),
best known for its Panasonic brand products, today announced
that they have agreed to strengthen their partnership in
the plasma TV business. Under the agreement, the two
companies will supply each other with plasma display panels.
In
February 2005, Hitachi and Panasonic agreed to move forward
with a wide-ranging partnership in the plasma TV business,
in the areas of R&D, production, marketing, and intellectual
property (*1). The agreement announced today is focused on
strengthening the partnership by deepening the cooperation to include
the cross-supply of 103-inch and 85-inch plasma panels.
The move
to digital and high-definition TV broadcasting is generating a
rapid increase in the share of the TV market
accounted for by flat-panel TVs. Moreover, as the core
device and main display in the era of convergence
between broadcasting and telecommunications, the range of new applications
for flat-panel TVs continues to grow. Thus, the shift
to large screens is expected to generate major growth.
At the same time, in order to cope with
falling prices and maintain a competitive advantage in the
global market, it is necessary to achieve an even
higher level of business efficiency. This includes providing a
more comprehensive lineup that reflects the shift to large-screen
products, drastically cutting costs and improving development efficiency.
Against this
backdrop, Hitachi and Panasonic agreed to further their collaboration
with respect to the cross-supply of large screen size
plasma display panels.
Cross-supply of plasma display panels
-Panasonic will start
to supply Hitachi with 103-inch plasma panels in fiscal
2007.
-Hitachi will start to supply Panasonic with 85-inch plasma
panels in fiscal 2008.
Even measured by the standards of
the flat-panel TV market, which continues to expand at
a rapid pace, large-screen plasma TVs are growing at
a spectacular rate. Through this partnership agreement, the two
companies will strengthen their flat-panel TV business operations by
supplying each other with panels and other components and
by sharing development assets, and will thereby provide the
market with more attractive products.
In its management policy announced
last November to promote collaborative creation and profits, Hitachi
emphasizes the collaborative creation with partners to create new
value.
Panasonic positions flat-panel TV business as one of its
strategic businesses for growth as set forth in its
"GP3" three-year business plan effective through March 2010.
Hitachi
and Panasonic will use the strengthening of its flat-panel
TV business, achieved through the new agreement, to provide
its customers with new value, such as by expanding
and enhancing its lineup of flat-panel TV products.
Looking ahead,
Hitachi and Panasonic will work to further strengthen their
cooperative relationship in the plasma TV business, while contributing
to the global development of the flat-panel TV market,
led by plasma TVs.
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Hitachi and Panasonic Strengthen Plasma TV Business Partnership
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