NEC and Sharp announced that they will combine NEC Display Solutions (NDS) with Sharp to create a joint venture to leverage their strengths to advance display technology development.
Sharp will obtain over 66% share of NDS with JPY 9.24 billion (US$ 82.96 million). The transfer is scheduled to be concluded on July 1st, 2020 and the joint venture will continue to provide NEC branded products.
Hisatsugu Nakatani, President, NEC Display Solutions, said, "This joint venture between Sharp and NEC Display Solutions will bring even greater value and benefits to customers and partners by extending our state-of-the-art product portfolios together with a range of professional service offerings. Sharp and NEC Display Solutions follow the same strategic approach to the future of visual solutions, focusing on superior customer satisfaction enabled by high-quality products, sales leadership excellence and committed relationship building."
"We expect this agreement to result in a wide range of synergies, including economies of scale and business expansion in new categories, including an 8K+5G Ecosystem. Sharp believes that developing NDS as a joint venture with NEC will contribute to our business growth by enforcing our BtoB business and expanding sales," commented Fujikazu Nakayama, Senior Executive Managing Officer, Sharp Corporation and BU President, Business Solutions BU.