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Pioneer Completes NEC Plamsa Purchase

10/04/2004 02:32:00 PM Eastern

Tokyo — Pioneer said it has formally completed the acquisition of all outstanding shares of the NEC Plasma Display (NPD) Corp. from NEC Corp., and has changed the operation’s name to Pioneer Plasma Display (PPD) Corp.

Pioneer paid approximately $333 million for 100 percent of the company shares, plus the loans to and the intellectual property rights of NPD. However, NPD said the exact amount will be determined by reviewing NPD’s semiannual operating results for the period ending Sept. 30, at the end of this calendar year.

The companies originally announced the acquisition agreement in July. Pioneer said it acquired NEC’s plasma operations “to meet fast-growing global demand for plasma displays, which is a core business for Pioneer, and to ensure its leading role in this market.”

The Pioneer Plasma Display Corp., will be headquartered in Kagoshima, Japan.

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