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Pioneer exits TV market

Pioneer is planning to exit the television market due to the downturn in the economy, according to Japan's Nikkei newspaper.

The company had already announced plans to end production of plasma display panels but was intending to continue producing TV sets using panels from Panasonic. But the harsh economic conditions have now pushed the company to leave the TV market.

The PDP TV market is expected to grow by 5% in 2009 to 14.6 million units, according to an estimate from DisplaySearch. That is sharply down from the 24% growth experienced in 2008 and is falling because of competition from LCD TVs and fewer PDP TV makers in the market.

Pioneer will also spin off its DVD player business to a new joint venture that will be formed with Sharp, according to the report. Pioneer is scheduled to report its financial results for the October-to-December quarter on Feb. 12.

Story filed 09.02.09

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