When two or more entities join together to carry out a specific business venture and share profits based on an agreed basis, it is called a joint venture. LG Display was formed as a joint venture between the Korean electronics company LG Electronics and the Dutch telecommunications equipment company Koninklijke Philips Electronics to manufacture displays. Sony Ericsson was a joint venture between Japanese consumer electronics company Sony Corporation and the Swedish telecommunications equipment company Ericsson formed in 2001 to combine their respective expertise in consumer electronics and telecommunications technology. In 2011, Sony acquired Ericsson's stake in Sony Ericsson, making it a wholly owned subsidiary of Sony.