Sharp Corporation and NEC Corporation completed their long-awaited deal to form a joint venture Nov. 1 by Sharp acquiring 66% of shares for NEC Display Solutions Ltd., a subsidiary of NEC.
In connection with the completion of the transaction, NDS has changed its company name to Sharp NEC Display Solutions Ltd. and has started business operations as a subsidiary of Sharp.
The newly formed SNDS “will continue its focus on the B-to-B display business, producing and developing a broad range of visual display solutions for a variety of markets and applications,” according to the joint announcement.
Fujikazu Nakayama, senior executive managing officer and business solutions business unit president of Sharp, will serve as chairman of the new business and Hisatsugu Nakatani, president of NEC Display Solutions, will serve as president of SNDS.
This new company “represents an ongoing commitment to the display solutions business,” according to the joint announcement. “The Sharp-NEC joint venture will result in a wide range of synergies.”
More About Sharp NEC Display Solutions Ltd.
In late June, NEC Corporation and Sharp Corporation “mutually agreed to delay the launch date of the planned joint venture,” which was expected to take effect July 1, “due to unforeseen delays from COVID-19 and the global pandemic,” the companies said in a joint announcement.
“The Sharp and NEC joint venture…will be mutually complementary and will allow both companies to build upon their strengths and address the visualization needs of their global customers,” according to the joint announcement.
When Sharp and NEC announced plans for their joint venture in March, they said it “will allow both companies to build upon their strengths and address the visualization needs of their global customers.”
“This joint venture between Sharp and NEC Display Solutions will bring even greater value and benefits to customers and partners by extending our state-of-the-art product portfolios together with a range of professional service offerings,” said Nakatani in the joint announcement.
“Sharp and NEC Display Solutions follow the same strategic approach to the future of visual solutions, focusing on superior customer satisfaction enabled by high-quality products, sales leadership excellence and committed relationship-building,” he said in the announcement.
“The combination of Sharp’s and NDS’ international strengths is mutually complementary,” said Nakayama in the joint announcement in March.
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