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LG Philips signs agreement for display
plant
SEOUL - LG Philips LCD,
the world's largest flat-screen display maker, said on
Wednesday that it signed a memorandum of agreement to
proceed with plans to build the world's biggest LCD
factory.
Under the agreement with Gyeonggi
Provincial Government, LG Philips LCD, a joint venture
between Dutch group Philips NV and LG Electronics Inc,
will break ground for the facility next March, the
company said. However, financial terms of the agreement
were not disclosed.
The
1.65-million-square-meter plant will be located in the
agricultural city of Paju, Gyeonggi province, north of
Seoul.
Starting in the second half of 2006,
liquid crystal display (LCD) panels will be mass
produced by the first production line created at the
Paju plant, the company said.
By 2005, LG
Philips LCD and the Gyeonggi Provincial Government plan
to complete infrastructure, such as industrial water
systems, electricity and roads.
"The Paju plant
will be poised to serve as as a hub of worldwide LCD
shipments," said Koo Bon-joon, president of LG Philips
LCD.
Worldwide demand for LCD panels is surging
as customers are increasingly hoping to replace their
display equipment, such as televisions and computer
monitors, with slimmer models.
Analysts predict
tremendous market potential as the panels will be used
for next-generation digital equipment, including mobile
phones, large-size televisions and notebook PCs.
(Asia Pulse/Yonhap)
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