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.
According to the two companies, the scope of the new firm's operations will range from consultation on space systems for spacecraft and rockets to the design, manufacture, sale and operations of satellites, space stations and related components.