TOKYO, July 5 -- Hitachi Maxell Ltd , a maker of magnetic tape, Mitsubishi Chemical Corp. and Mitsubishi Chemical Media Co Ltd. have launched a joint effort to develope next-generation optical recording media. High-capacity memory media will replace current products such as recordable and rewritable compact discs and digital versatile discs (DVDs), the companies said, adding that the market for such products is expanding and strong future growth is expected.
   The three firms aim to improve efficiency and reduce costs through the collaboration and are in talks to decide details, they said in a joint statement.