Matsushita Electric Industrial Co. Ltd. announced on April 3 that it purchased a 35.5% stake in its cathode ray tube (CRT) joint venture from partner Toshiba Corp., making it a wholly owned subsidiary. Overall demand for CRT TVs is generally decreasing, but Matsushita will focus regions such as Central and South Americas, India, China, CIS (12 republics in the former Soviet Union, called Commonwealth of Independent States), etc. where CRT demand remains strong.
Last year, Matsushita Toshiba Picture Display (MTPD) decided to close their European (Germany) and USA subsidiaries that make CRTs by March 2006. The venture has production facilities in China, Thailand, Indonesia with a combined annual output of 16.5 million units.