Tube venture in RI

Tube venture in RI

TOKYO (AFP): Nippon Electric Glass Co. Ltd. and Sumitomo Corp.
of Japan said yesterday they would form a joint venture in
Indonesia to produce cathode ray tube glass.

Nippon Electric would hold a 75 percent stake in the new
venture, to be capitalized at US$25 million, with Sumitomo
holding 20 percent. The balance would be held by a local company,
PT Bukaka Teknik Utama.

The venture, PT Nippon Electric Glass Indonesia, was to start
production from late next year at an annual rate of four million
units, the companies said.

The partners forecast first-year revenue at 800 million yen
($7.8 million), to be boosted to 6.5 billion yen in two years,
they said.