By Armando Duke - Financial Columnist
Laptop Battery Nec Corp (Nasdaq: NIPNY) joined forces with SVA Group to form a new company to manufacture and market LCD panels in China. The new business will employ over 1,200 beginning in Oct 2004.
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Laptop Computers November 11, 2003 (Axcess News) Tokyo - Nec Corporation (Nasdaq: NIPNY) has entered into an joint venture with SVA (Group) Co., Ltd. to form "Shanghai SVA NEC Liquid Crystal Display Co., Ltd." in Shanghai, China.The joint-venture company will develop and manufacture TFT-LCD panels and modules for use in PC monitors and televisions aimed at China's booming electronics market, NEC said in a statement released Tuesday.Shanghai SVA NEC was capitalized with $$460.6 million and is 75% owned by SVA with NEC holding a 25% stake.The joint venture facility boasts a state-of-the-art fifth-generation production line and will employ an initial workforce of approximately 1200. The plant is slated to begin operating in October 2004.In April, 2003 NEC separated its LCD business, spinning it out to form NEC LCD Technologies Ltd. The wholly owned subsidiary develops, designs, manufactures and sells color LCDs.
NEC Corporation ( NIPNY) is one of the world's leading providers of Internet, broadband network and enterprise business solutions dedicated to meeting the specialized 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 140, 000 people worldwide and had net sales of 4, 855 billion yen (approx. $45.4 billion) in the fiscal year ended March 2005.
Laptop Computer NEC's goal was to form a new business working in conjunction with local resources to better penetrate the growing Chinese market for electronics.
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Desktop Computer In teaming up with SVA (Group) Co., Ltd., NEC was able to form a partnership with one of China's largest manufacturing and marketing businesses of household electric appliances, home communication terminals and CRT, PDP, STN LCD displays.
Notebooks According to Fusion Consulting, a leading Asian online business intelligence consultancy, eight out of ten foreign companies feel positive about investing in China."Issues that companies worry most about include developing their marketing capabilities, understanding customer behaviour, expanding distribution channels and cost control," said Fusion's Managing Director, Peter Read.
Lenovo China's growth is also affecting global economies on local perspectives as well according to Darrel Good, Extension Economist with the University of Illinois."The magnitude of soybean and wheat imports by China and the level of Chinese corn exports have the potential to significantly influence prices in the current environment of tight world grain stocks," said Good.China's vast purchasing power has been driving global prices for soybeans, wheat and corn which may prove to be a benefit for farmers after years of disappointing returns.
Hard Drive Other companies are also eyeing the Asian rim countries. MB Technologies, Inc (OTCBB: MBTT) which manufactures and markets a flat panel wireless antenna for the satellite television market recently announced a $6 million order from Eastech, a leading distributor of satellite electronics and components to the commercial and consumer electronics markets in Japan. (see, "Asian Rim could be gold for wireless companies")Axcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If your not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.
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