Sony, Toshiba, Hitachi make joint venture official, form Japan Display Inc.

Sony, Toshiba and Hitachi officially joined forces today, cementing a government-backed joint venture that's been in the works for a few months, now. Together with the government-funded firm Innovation Network Corporation of Japan (INCJ), the three manufacturers will now form an entity known as Japan Display Inc., slated to launch during the Spring of 2012. INCJ is providing the lion's share of the funding (approximately $2.6 billion), giving it a 70 percent stake in the newly formed venture. The other three, meanwhile, will each control ten percent of the company, which will encompass their respective small-display subsidiaries. The stakeholders are hoping that today's announcement will help revive their sagging display sales, with some extra help from Panasonic, which also announced that it's selling one of its biggest domestic factories to the freshly minted Japan Display, for an unnamed sum. Find more details in the full PR after the break.