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March 12, 2009
Seiko Epson Corporation
TOKYO, Japan, March 12, 2009 - Seiko Epson Corporation ("Epson") and Sony Corporation ("Sony") today announced that they will begin discussions about an alliance in the field of small and medium-sized liquid crystal displays (LCDs), including the transfer of a part of business assets of Epson to Sony. The parties hope to enter into a legally-binding definitive agreement by the end of June, 2009.
To date, Epson Imaging Devices Corporation ("Epson Imaging"), a subsidiary of Epson, has implemented a series of restructuring measures in its small and medium-sized LCD business. At the same time, Epson Imaging has endeavored to shift its product portfolio while developing original high-definition and ultra-wide viewing angle technologies, based on its amorphous silicon TFT and low-temperature polysilicon (LTPS) TFT technologies. An alliance with Sony would enable Epson Imaging's LCD technology and amorphous silicon TFT production capability to be fully utilized and broader customer demands to be satisfied.
In its small and medium-sized LCD business, Sony is focusing on LTPS-TFT LCD, and in order to accelerate the development and commercialization process, Sony has also decided to consolidate its resources within its subsidiary, Sony Mobile Display Corporation ("SMD"), resulting in a unified operation containing development, design and production to realize a stronger business structure. Through the contemplated alliance, Sony aims to increase the competitiveness of its small and medium-sized LCD business by incorporating Epson's wide range of technologies, in particular Epson Imaging's amorphous silicon TFT technology, and LCD product designs and production capabilities.
Epson is a global leader in imaging products including printers and 3LCD projectors. With an innovative and creative culture, Epson is dedicated to exceeding the vision and expectations of customers worldwide with products known for their superior quality, functionality, compactness and energy efficiency.
Epson is a network of 93,279 employees in 107 companies around the world, and is proud of its ongoing contributions to the global environment and to the communities in which it is located. Led by the Japan-based Seiko Epson Corp., the Group had consolidated sales of 1,347 billion yen in fiscal 2007.
Epson Imaging Devices Corporation is a leader of small and medium sized LCD products.
Sony Corporation is a leading manufacturer of audio, video, game, communications, key device and information technology products for the consumer and professional markets. With its music, pictures, computer entertainment and on-line businesses, Sony is uniquely positioned to be the leading electronics and entertainment company in the world. Sony recorded consolidated annual sales of approximately $88 billion for the fiscal year ended March 31, 2008. Sony Global Web Site: www.sony.net/