LG Philips to Build LCD Plant in China

Seoul, Korea-based LG.Philips LCD has initiated plans to build its third overseas module plant and has inaugurated a subsidiary in Guangzhou, China, to prepare for the plant’s construction.

The unit, named LG.Philips LCD Guangzhou Co. Ltd., was set up with initial capital of $1 million (964 million Korean won) following an investment deal inked in May with Guangzhou’s development district administrative committee in Guangdong province to build a module plant.

“We have just established a subsidiary in Guangzhou,” Sue Kim, a spokeswoman for LG.Philips LCD, said. “Once detailed conditions, scale and timing of this agreement are finalized, we will make an official announcement according to the appropriate procedure.”

The Guangzhou facility will be LG.Philips second foray into China; the company has already established a plant in Nanjing.

Recently, the company broke ground http://www.reed-electronics.com/electronicnews/article/CA6254046 on a new module plant in Wroclaw, Poland.   LG.Philips LCD is a joint venture http://www.reed-electronics.com/electronicnews/article/CA71207 between South Korea's LG conglomerate and Dutch electronics giant Philips, a collaboration dating back to 1999.

<<Electronic News -- 08/21/06>>

Loading