Asahi Glass Co, the world's second-largest supplier of glass used in liquid-crystal displays (LCD), and Mitsubishi Electric Corp said they will sell their stakes in an unprofitable LCD panel venture.
Asahi Glass will sell 60 percent of Optrex Corp, which makes and sells panels for mobile phones and car navigation systems, and Mitsubishi Electric will sell its 40 percent holding, the companies said yesterday in separate press releases.
They will sell the company to funds operated by Japan Industrial Partners Inc for ¥10 million (US$87,540).
Asahi Glass, based in Tokyo, will concentrate on the production of flat glass and glass substrates for LCD and plasma panels. Asahi Glass, which expects a one-time loss of about ¥3.8 billion from the sale, already factored in the impact on its profit forecast for the year to Dec. 31.
Mitsubishi Electric, also based in Tokyo, expects a ¥3 billion charge from the sale and will maintain its full-year profit outlook, it said.
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