Sony, Panasonic, Japan Display say to set up OLED displays JV

TOKYO, July 31 Thu Jul 31, 2014 2:20am EDT

TOKYO, July 31 (Reuters) - Sony Corp, Panasonic Corp and Japan Display Inc said on Thursday they would form a joint venture to develop organic light-emitting diode (OLED) displays, with the government-backed Innovation Network Corp of Japan (INCJ) taking a majority stake.

The venture, bringing together all of Japan's OLED technology, would make small to mid-size panels for wearables, smartphones and tablets.

The new company will be called JOLED Inc and is scheduled to be launched in January. The INCJ will hold 75 percent of the voting rights in JOLED, Japan Display will hold 15 percent, and Sony and Panasonic will each own 5 percent. (Reporting by Chang-Ran Kim; Editing by Edmund Klamann)