Regarding JOLED, which produces OLED displays funded by a public-private fund, applied to the Tokyo District Court on March 27 for application of the Civil Rehabilitation Law, Minister of Economy, Trade and Industry Nishimura expressed his expectation that business revitalization will proceed by utilizing the company's human resources and other resources.
JOLED, which was established by integrating the organic EL businesses of the Sony Group and Panasonic Holdings, applied to the Tokyo District Court on March 27 for application of the Civil Rehabilitation Law due to a deterioration in business performance against the backdrop of sluggish demand growth and intensified competition.
The government has maintained the OLED technology cultivated by Japan and has invested and provided loans totaling 1390 billion yen through INCJ, a public-private fund, to compete with overseas manufacturers.
In response to this, Minister of Economy, Trade and Industry Nishimura stated at a press conference after the Cabinet meeting on March 28, "We have been providing support to establish an international competitive advantage in the field of OLED displays, but it is extremely regrettable that this result has been achieved due to various factors such as technical issues and the rise of competitors in other countries."
In the case of JOLED, the company aims to rebuild the business by handing over the technology development business to Japan Display, a liquid crystal panel manufacturer, and Minister Nishimura stated, "I hope that discussions on business revitalization, including the utilization of the company's intellectual property and human resources, will proceed with the relevant parties."