The boards of directors of Komatsu Ltd. and Ushio Inc., both of Tokyo, approved a joint venture agreement establishing Gigaphoton Inc., also in Tokyo, which was effective Aug. 1. The new company will use the founders' facilities in Kanagawa, Tochigi and Tokyo to research, develop and produce excimer lasers for semiconductor lithography.

Gigaphoton will employ 180 and have total assets of ¥9 billion. An initial public offering of shares is planned. Akihiro Tanaka, president of Ushio, will serve as chairman and CEO of the company, and Yuji Watanabe, president of Komatsu's Electronics Div., will be executive vice chairman.