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NEC Corporation, NEC Electronics, Matsushita, Panasonic Mobile and Texas Instruments have announced an agreement of 5 companies to create a joint venture to develop cell phones of the 3rd generation and over. Whether it be for design, technology hardware or software. This partnership will be named Adcore-Tech Co., Ltd. and will have 12 billion yen (about $ 120 million). The headquarters will be established in the Research Park in Yokosuka in Japan with 180 employees. NEC and Matsushita (Panasonic) will own 44% of each company and 14% for Texas Instruments.
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