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Pioneer wins NEC plasma display business

Pioneer is pushing further into plasma. On Tuesday, the electronics company said it concluded a memorandum of understanding with NEC, under which the information technology company will transfer to Pioneer all of its shares in NEC Plasma Display, an NEC subsidiary. NEC also will hand over all the intellectual property rights it holds in relation to plasma displays. Terms of the agreement were not disclosed. NEC Plasma Display has about 1,100 employees and will record sales of about $474 million in the year ending March 31, 2004, NEC said in a statement.

Pioneer already develops and produces plasma displays, which are used to make flat-panel televisions, a market that has been heating up.