Hitachi and Texas Instruments (TI) have liquidated their $500 million joint venture, Twinstar Semiconductor, due to financial pressures and price decline in the chip market. Hitachi is expected to incur a loss of Y35 billion for the DRam company in the year ended March. TI, which is also expected to report a charge, will form a subsidiary to buy the assets of the company and will employ all its staff. The venture was started in 1996 - both vendors jointly owed 36.46 per cent of the project and the remainder was owned by 12 European and Japanese banks.
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