Japan's Toshiba and Panasonic jointly announced on April 1 that Toshiba will buy out Panasonic's stake in the two companies' LCD (Liquid Crystal Display) joint venture, making the company a wholly-owned subsidiary of Toshiba, Kyodo News of Japan reported. Toshiba is expected to spend approximately two billion Yen (US$20.07 million; US$1=99.66 Yen) acquiring Panasonic's 40% stake in Toshiba Matsushita Display Technology, a small- and medium-sized LCD panel manufacturing venture formed in 2002, and rename the company Toshiba Mobile Display. Transaction is slated for completion on April 28, 2009, following which the company will focus on the development of OLED (Organic Light Emitting Diode) panels. Panasonic is expected to concentrate its resources on large-sized displays instead, though the company currently still owns a minority stake of 25% in a small- and medium-sized LCD panel venture with Hitachi, according to Reuters.