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NM Visual to become NEC's wholly-owned subsidiary

Posted: 23 Feb 2005 ?? ?Print Version ?Bookmark and Share

Keywords:nec-mitsubishi electronics display? crt? lcd?

NEC-Mitsubishi Electronics Display (NEC-Mitsubishi) disclosed that its parent company NEC-Mitsubishi Electric Visual Systems Corp. (NM Visual), a joint venture company of NEC Corp. and Mitsubishi Electric Corp., will become a wholly-owned subsidiary of NEC Corp. on March 31, 2005.

On becoming a wholly-owned subsidiary of NEC Corp., a $47 billion provider of computer and communications solutions, the company will be renamed and repositioned as an NEC display solutions company. The new company will commence operations with full-access to NEC Corp.'s technology R&D and product innovation. NEC Corp. will acquire 100 percent ownership of NM Visual, a company that develops display products and owns the premier brand in the display industry, named NEC MultiSync.

According to the companies, the combination of NEC's LCD technology and Mitsubishi Electric's manufacturing expertise in CRT technology in the year 2000 positioned the joint venture for strong growth in the display industry. The speed with which the market has migrated from CRT to LCD technology over the last year has surprised both NEC and Mitsubishi Electric. The market shift resulted in a determination by both companies that the timing was right for NEC Corp. to assume full ownership of NM Visual.

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