NEC and Panasonic Establish New Joint Venture Company 'ESTEEMO' for Mobile Handsets.Tokyo, Japan, Oct 24, 2006 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. Corporation, Panasonic, the brand for which Matsushita Electric Industrial Co., Ltd. is best known, and Panasonic Mobile Communications Co., Ltd., a subsidiary of Matsushita Electric Industrial Co., Ltd., today announced the establishment of a new company, ESTEEMO Co., Ltd. ESTEEMO was established based on an agreement signed by the three parties on July 27, 2006, and will carry out the development of mobile handsets, including the development of a common software and hardware platform. The outline of the new company follows below. Profile of the New Company
Company name: ESTEEMO Co., Ltd.
Headquarters: Tsuzuki ku, Yokohama City, Kanagawa Prefecture, Japan
Branch office: Nakahara ku, Kawasaki City, Kanagawa Prefecture, Japan
Operation start: November 6, 2006
Business Activities: Development of a common hardware and software platform
for mobile handsets and joint development of mobile
handsets
Capital: 100.0 million yen
Ownership: NEC Corporation : 50.0 million yen (50%)
Panasonic Mobile Communications Co., Ltd. :
50.0 million yen (50%)
Employees: Approximately 130
Management structure:To be decided
(President, Vice president, and 2 board members)
At the time of establishment, the president will be appointed from NEC and the vice president from Panasonic Mobile Communications. The company name has been coined from a combination of the words Esteem and Mobile to signify sig·ni·fy v. sig·ni·fied, sig·ni·fy·ing, sig·ni·fies v.tr. 1. To denote; mean. 2. To make known, as with a sign or word: signify one's intent. establishment by Panasonic and NEC as business partners with mutual esteem for each other, the target of acquiring esteemed es·teem tr.v. es·teemed, es·teem·ing, es·teems 1. To regard with respect; prize. See Synonyms at appreciate. 2. To regard as; consider: esteemed it an honor to help them. customers and of becoming an esteemed company in the market for the development of mobile handsets. About Matsushita Electric Industrial Co., Ltd. Best known by its Panasonic brand name, Matsushita Electric Industrial Co., Ltd. is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of US$76.02 billion for the year ended March 31, 2006. The Company's shares are listed on the Tokyo, Osaka, Nagoya and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (NYSE NYSE See: New York Stock Exchange :MC) stock exchanges. For more information on the company and the Panasonic brand, visit the Company's website at http://panasonic.net/. About NEC Corporation NEC Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 6701; NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NIPNY) is one of the world's leading providers of Internet, broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). network and enterprise business solutions dedicated to meeting the specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. needs of its diverse and global base of customers. NEC delivers tailored solutions in the key fields of computer, networking and electron devices, by integrating its technical strengths in IT and Networks, and by providing advanced semiconductor solutions through NEC Electronics Corporation. The NEC Group employs more than 150,000 people worldwide and had net sales of approximately 4,825 billion yen (approx. $41.2 billion) in the fiscal year ended March 2006. For additional information, please visit the NEC home page at: http://www.nec.com or the newsroom at: http://www.nec.co.jp/press/en/ About Panasonic Mobile Communications Co., Ltd. Panasonic Mobile Communications Co., Ltd., whose headquarters are based in Yokohama, Japan, is a worldwide leader in the development and manufacture of mobile communications products. As one of the main business domains for Matsushita Electric Industrial Co., Ltd., best known for its Panasonic brand digital electronics, Panasonic has been developing cutting edge technologies since its establishment in 1958, including the world's first 3G video handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. for the Japanese market in 2001. Panasonic is committed in providing added-value solutions to end-users through its mobile communication products. For more information, please visit www.panasonic.co.jp/pmc/en Source: Matsushita Electric Industrial Co., Ltd. Contact: Matsushita Electric Industrial Co., Ltd. Akira Kadota, International PR Tel: +81-3-3578-1237 Fax: +81-3-3436-6766 Panasonic Mobile Communications Co., Ltd. Junji Kanegawa Tel: 045-939-6455 Fax: 045-939-6497 NEC Corporation Akiko Shikimori Tel: +81-3-3798-6511 Fax: +81-3-3457-7249 Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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