Seiko Epson Corp. and Sanyo Electric Co. said Wednesday they have agreed to form a joint company in October to integrate their liquid crystal display operations in a bid to survive competition and slash development costs.
Under the agreement, Sanyo Epson Imaging Devices Corp. will develop, manufacture and sell color LCDs used in mobile phones, digital still cameras, vehicles and other products, by combining the LCD operations of the two companies and Sanyo's two subsidiaries.
The new company will be owned 55 percent by Seiko Epson and 45 percent by Sanyo. The amount of capital and number of employees have not yet been decided.