Consumer electronics giants Hitachi, Matsushita (Panasonic), and Canon have announced that  a US$ 86.8 billion deal has been sealed between them in a project to advance LCD technology. This comes after weeks of rumors pointing to the collaboration.

Under the deal, Panasonic and Canon will each take 24.9 percent of the project's ownership from Hitachi Displays. The rest will be shouldered by the majority stakeholder.

An added boon for Canon in this pact will come from the non-monetary side of it. It's also been agreed that Canon will gain access to Hitachi's small and medium-sized LCDs and OLEDs for use in the cameras which it is most popular for.

This triple alliance of some of the most successful electronics firms in the world seeks to push the envelope in the LCD and flat panel TV industry. With the demand growing and competition getting intense, collaborations such as this one offers companies financial safety nets.