KADOMA, JAPAN — Panasonic Electric Works and Hilti Corp. of Liechtenstein have come to an agreement to set up a manufacturing joint venture in Shanghai, China, effective Jan. 2009. The new company manufactures cordless screwdrivers for Hilti in Shanghai, and will be named Panasonic Electric Works Power Tools (Shanghai) Ltd. The company plans to begin operation in early March, with approximately 60 employees. A total of $2.1 million will be invested with Panasonic investing 51% and Hilti 49%.