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NEC, Panasonic team for new mobile company

Posted: 26 Oct 2006 ?? ?Print Version ?Bookmark and Share

Keywords:NEC Corp.? Panasonic? Panasonic Mobile Communications Co. Ltd? ESTEEMO Co. Ltd? mobile handsets?

NEC Corp., Panasonic and Panasonic Mobile Communications Co. Ltd announced the establishment of a new company, ESTEEMO Co. Ltd, which will start operations Nov. 6.

Based on an agreement signed by the three parties on July 27, the new company will carry out the development of mobile handsets, including the development of a common software and hardware platform. NEC and Panasonic each have about $420,000 of capital shares for ESTEEMO, entitling each with 50 percent ownership of the new company.

ESTEEMO will have its headquarters Tsuzuki ku, Yokohama City, with a branch office at Nakahara ku, Kawasaki City, both located at the Kanagawa Prefecture, Japan. It will have about 130 employees, according to the announcement of the two companies.

The management of ESTEEMO, comprising president, vice president and two board members, is yet to be decided. At the time of establishment, the president will be appointed from NEC and the vice president from Panasonic Mobile Communications.

The name ESTEEMO has been coined from the words 'esteem' and 'mobile' to signify its establishment by Panasonic and NEC as business partners with mutual esteem for each other, the target of acquiring esteemed customers and of becoming an esteemed company in the market for the development of mobile handsets.

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