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NEC Corp., Matsushita Electric Industrial Co. and Texas Instruments Inc. said Monday they have set up a joint venture in Yokosuka, Kanagawa Prefecture, to develop key cell phone components.

The three groups, which include NEC Electronics Corp. and Panasonic Mobile Communications Co., have invested 12 billion yen in the new firm, Adcore-Tech Co. The companies aim to reduce development costs by jointly developing semiconductors for the phones.

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