Two Japanese electronic giants, Toshiba Corporation and Matsushita Electric Industrial Company, are set to combine their operations yet again. Toshiba and Matsushita previously entered into another joint venture for liquid crystal displays. The venture will produce cathode ray tubes; vacuum tubes that are used as picture tubes in television sets, and should help these two companies better compete with its competitors, LG Philips (a joint venture between Philips Electronics NV of the Netherlands and LG Electronics Company of South Korea) and Samsung of South Korea. The new venture company, as yet unnamed, will be 60% controlled by Matsushita and 40% controlled by Toshiba. Operations in Matsushita's plants in the United States, Germany, China, and Malaysia and in Toshiba's plants in Thailand, Indonesia and the United States will be joined, but their production facilities will remain separate. The new company will employ approximately 16,000 worldwide and is projected to have annual sales of 270 billion yen ($2.2 billion US).