Hitachi Ltd., Matsushita Electric Industrial Co. and Toshiba Corp. said Friday they have officially signed an accord to set up a joint venture to manufacture liquid crystal display panels for flat TVs in January.

The new company, IPS Alpha Technology Ltd., will be capitalized at 60 billion yen to 70 billion yen. It will start operations Jan. 1 in Mobara, Chiba Prefecture, the companies said.

Fumiaki Yonai, president of Hitachi Displays Ltd., a wholly owned subsidiary of Hitachi, will concurrently serve as president of the joint venture, the three companies said.

The three companies unveiled the joint venture plan in August, though certain details, such as the name of the new company, have not been announced.

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