As part of its bid to restructure its liquid crystal display business, Toshiba will buy out partner Panasonic's share in the Toshiba Matsushita Display Technology Co., the two companies announced Wednesday.
Toshiba already owned 60 percent of the company, compared with Panasonic's 40 percent, and the resulting buyout will cost Toshiba about 2 billion yen or about $20 million, a Toshiba spokeswoman told The Wall Street Journal. The deal is scheduled to be completed by April 28, when the name of the company will be changed to Toshiba Mobile Display.
The company, established jointly in 2002, currently produces LCD panels for small and medium-size mobile devices, like mobile phones, notebooks, and in-car navigation systems. But it also produces organic light-emitting diode (OLED) panels, the technology that is considered the next-generation successor to LCD.
In a statement, Toshiba said the business "aims to establish OLEDs as an engine for growth and to enhance its display business" in the near future.