NEC and Mitsubishi Electric have announced they have finalized the establishment of a new joint venture company to develop, manufacture and sell display monitors. The new company, NEC-Mitsubishi Electric Visual Systems , will be equally owned by the two companies and led by Yoshi Takayama, currently an executive vice president at NEC. He will assume the role of president while Nobuyoshi Yamazaki, a senior vice president and director at Mitsubishi Electric, will serve as senior executive vice president. The company will draw approximately 700 staff from the display business units at NEC and Mitsubishi Electric and also gain the development operations of Mitsubishi Electric's Nagasaki plant and NEC's Shonan Technical Center. In addition, production plants in Nagasaki, Nagano, Mexico, China and Malaysia will be transferred to the joint venture, the two companies said in a statement. Operations will commence on April 1 this year, and the two companies anticipate 200 billion yen (£1.2 billion) in sales in the first year of business. Behind the establishment of the joint venture is a belief that the continuing digitization of business will result in significant growth in the display business area. By combining their respective strengths, both will gain from strengthened domestic marketing and efficiencies in development, they said in the statement. The venture will also result in an expanded scale of business for the partners, they said.