NEC Corp. and Toshiba Corp. announced Wednesday that they have agreed to integrate their space business operations by establishing a joint venture in April in an effort to boost their presence in the global aerospace market.

The new company, which will be based in Yokohama, will be capitalized at 7 billion yen, with NEC holding a 60 percent stake and Toshiba owning the rest. About 1,200 employees from the two companies will be transferred to the new firm over a period of six months, executives of the two companies said.

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