Hitachi may scale down or exit its liquid crystal display (LCD) panel operations on the back of a deal with Matsushita Electric Industrial and Canon, the Nikkei business daily reported.

The firms have agreed to a tie-up on organic light-emitting diode (OLED) panels, a competing display technology, by which Matsushita and Canon would each invest more than 100 billion yen ($880 million) to take minority stakes in unit Hitachi Displays Ltd, it said.

Hitachi Displays currently makes small and mid-sized LCD panels but is also developing OLED panels.

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