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Optoelectronics/Displays??

Sharp, Sony amend LCD JV agreement

Posted: 30 Mar 2012 ?? ?Print Version ?Bookmark and Share

Keywords:LCD panel? LCD joint venture? large-sized LCD?

Sharp Corp. and Sony Corp. are further amending their joint venture agreement that was originally executed in July 2009 and amended in April 2011. The companies' joint venture, Sharp Display Products Corp. (SDP) produces and sells large-sized LCD panels and modules.

Pursuant to the April 2011 amendment, Sharp and Sony discussed possible further contributions by Sony to SDP. However, they have agreed that Sony will not make additional capital injections to the joint venture. The parties have also agreed to set a new time period, which is up to the end of September 2012, for them to further study the future direction of the joint venture, including the treatment of the shares that Sony has in SDP (7.04 percent of all issued shares) and possible purchases of large-sized LCD panels and modules.

Under the March 2012 amendment, Sony may require that Sharp acquire all of Sony's shares in SDP, even before the end of September 2012, upon the occurrence of certain events such as a transfer by Sharp to any third party of some or all of the shares that Sharp has in SDP.

On July 1, 2009, Sharp transferred its LCD panel plant in Sakai City, Osaka Prefecture, to SDP. On December 29, 2009, Sony invested $127.57 million (?10 billion) into SDP in exchange for new shares issued by SDP to Sony, which represented 7.04 percent of the issued shares in SDP). As a result, SDP became a joint venture company of Sharp and Sony.

Since then, Sharp and Sony have continued discussion about possible further contributions by Sony to SDP.

No material impact from this amendment is anticipated on Sharp's and Sony's consolidated financial results for the fiscal year ending March 31, 2012.





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