Japan Display says report it sought Apple, Huawei funds is ‘speculative’

FAN Editor
FILE PHOTO: Japan Display Inc's logo is pictured at its headquarters in Tokyo
FILE PHOTO: Japan Display Inc’s logo is pictured at its headquarters in Tokyo, Japan, August 9, 2016. REUTERS/Kim Kyung-Hoon/File Photo

December 21, 2017

TOKYO (Reuters) – Cash-strapped smartphone screen maker Japan Display Inc <6740.T> dismissed a report on Thursday that it was seeking investment from Apple Inc <AAPL.O> and Huawei Technologies Co Ltd [HWT.UL] as “speculative” and declined to comment further.

Japanese news agency Kyodo, which reported on Wednesday that Japan Display was discussing an investment of more than 200 billion yen ($1.76 billion) from three Chinese panel makers including BOE Technology Group Co Ltd <000725.SZ>, said it was also seeking investment from its two clients.

Japan Display and domestic rival Sharp Corp <6753.T> once boasted cutting-edge screen technologies. But they have struggled in recent years to compete with more nimble Asian rivals, and as customers including Apple shifted to newer organic light-emitting diode (OLED) screens.

The display maker has been losing money for the past three years. It has said it wants to start mass-producing OLED screens to better compete with South Korean rival Samsung Electronics Co Ltd <005930.KS>, and that it needs capital to do so. It has so far declined to disclose details of any negotiations.

State-backed fund Innovation Network Corp of Japan owns 36 percent of Japan Display, which was formed in 2002 by combining the ailing display units of Sony Corp <6758.T>, Hitachi Ltd <6501.T> and Toshiba Corp <6502.T>.

(Reporting by Yoshiyasu Shida)

Free America Network Articles

Leave a Reply

Next Post

Honda considers developing all solid-state EV batteries

The logos of Honda Motor Co. is pictured at the 45th Tokyo Motor Show in Tokyo, Japan October 25, 2017. REUTERS/Toru Hanai December 21, 2017 TOKYO (Reuters) – Honda Motor Co is considering developing all solid-state batteries for electric vehicles (EVs) as a growing number of global automakers look to […]