Sony and Panasonic, Japan’s biggest makers of TVs, agreed to jointly develop sets using OLED displays as they try to rebound from a combined 1.2 trillion yen ($15 billion) in losses last year. The companies aim to establish mass-production technology for organic light-emitting diode panels next year.

The partnership is the first between the main TV operations at the two companies, which are losing money as the strengthened yen erodes overseas earnings and as competition from South Korea’s Samsung Electronics and LG Electronics intensifies.

The two Korean companies have said that they will introduce OLED models this year. – (Bloomberg)