Sharp takes 66% stake of NEC Display Solutions in joint venture
NEC Display Solutions (NDS), a subsidiary of NEC, will form a join venture with Sharp, with NEC transferring 66% ownership of NDS to Sharp.
In a press release, Hisatsugu Nakatani, president of NDS, said: “NEC offers one of the broadest visual solutions portfolios in the industry, and with a consultancy-led sales approach, NEC is recognized as a trusted advisor and total solutions provider.
“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. 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.”
Fujikazu Nakayama, senior executive managing officer of Sharp Corporation and BU president, Business Solutions BU, said: “The combination of Sharp’s and NDS’ international strengths is mutually complementary. We expect this agreement to result in a wide range of synergies, including economies of scale and business expansion in new categories, including an 8K+5G Ecosystem. Sharp believes that developing NDS as a joint venture with NEC will contribute to our business growth by enforcing our BtoB business and expanding sales.”
NEC retains a 34% equity stake in the business and the joint venture will continue to provide NEC branded products. NEC will also continue to sell the joint venture’s products and solutions to its customers around the world. The transfer is scheduled to conclude on July 1, 2020.