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 plantÃ¢â‚¬â„¢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 GuangzhouÃ¢â‚¬â„¢s development district administrative committee in Guangdong province to build a module plant.
Ã¢â‚¬Å›We have just established a subsidiary in Guangzhou,Ã¢â‚¬Å¥ Sue Kim, a spokeswoman for LG.Philips LCD, said. Ã¢â‚¬Å›Once detailed conditions, scale and timing of this agreement are finalized, we will make an official announcement according to the appropriate procedure.Ã¢â‚¬Å¥
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/CA6254046Â on a new module plant in Wroclaw, Poland. Â LG.Philips LCD is a joint venture http://www.reed-electronics.com/electronicnews/article/CA71207Â between South Korea's LG conglomerate and Dutch electronics giant Philips, a collaboration dating back to 1999.