April 12, 2005 - Sharp Corp. said Monday it has inked a contract to buy the liquid crystal display business and related patents of Fujitsu Ltd., formalizing a basic agreement announced in February, according to various news reports.
The two companies withheld the agreed acquisition cost for the deal. Fujitsu plans to withdraw from the field.
Under the contract, Sharp will acquire the LCD development, manufacturing and sales operations of Fujitsu Display Technologies Corp. as well as the LCD research and development operations and related intellectual property rights of Fujitsu Laboratories Ltd.
Sharp will take over the LCD technology research and development facility in Yonago, Tottori Prefecture on June 1. A total of some 420 employees, including about 340 workers at the Yonago plant, will also be transferred from Fujitsu to Sharp.