LG Display to Spend 1.49 tln won in Plant Expansion
LG Display, the world’s second-largest maker of liquid-crystal display (LCD) panels, will spend 1.49 trillion won (US$1.32 billion) to expand its eighth-generation LCD plant to meet rising demand, the company said Friday.
LG’s board approved the investment, which is designed to fill rising demand in the LCD TV market and to beef up the company’s competitiveness in the large-size LCD TV panel area, LG said in an e-mailed statement.
The investment will expand the existing eighth-generation LCD line in Paju, north of Seoul, to mostly produce 32-, 47- and 55-inch LCD panels starting 2011.
“The investment will resolve the LCD supply shortage,” Kwon Young-soo, the company’s CEO was quoted as saying in the statement. “In the mid-to-long term, it will help us meet the fast-growing demand in the LCD industry, where the demand for light-emitting diode (LED) and three-dimensional (3D) panels are driving the growth.”
Earlier in the day, Kwon said he expects two out of six companies that have applied to build LCD plants in China will get the go-ahead from Beijing to build in what is expected to be the largest LCD TV market in the next few years.
The decision from the Chinese government is likely to be made at the end of this month, he added.
The LCD industry shows a very low likelihood of a supply glut, Kwon said, adding that the demand for LED and 3D screens is driving the growth and LCD suppliers are finding it difficult to meet the demand.
YonhapNewsAgency
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