Matsushita Electric Industrial Co. and Toshiba Corp. on Monday set up a 50-50 joint venture to procure parts and materials used in cathode-ray tubes, the two electronics makers said.

Capitalized at 30 million yen, MT Display Procurement Co. will be instrumental in streamlining operations of the two firms through joint procurement, they said in a statement.

The new firm is expected to work on standardization of tube parts in the future, they added.

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