NEC, Matsushita and Panasonic Unite for Mobile Handset Initiative
NEC Corporation, Matsushita Electric Industrial Co., Ltd. and Panasonic Mobile Communications Co., Ltd. announced Thursday their intention to form a joint venture to develop mobile handsets. The new company, which will be formed in early October and has yet to be named, will focus on not only developing the handsets, but on a common software and hardware platform as well. Part of the intent of the arrangement is to avoid duplication of effort by the companies as they seek to create similar products and services, enhancing existing ties between NEC and Panasonic Mobile. NEC, Matsushita and Panasonic have been collaborating on mobile phones since 2001. The company, financed at 100 million yen, will be located in Yokohama, Japan.
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