S Korea's LG Display signs Guangzhou deal
2009-November-4 Source: Szdaily web edition
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South Korea's LG Display Co., the world's second-largest producer of liquid crystal display (LCD), said yesterday (Nov 3) it had signed a deal with the Chinese city of Guangzhou to go ahead with a proposed 4 billion USD panel plant in China.

Guangzhou Development District and South Korea's LG Display Co. held a signing ceremony in Seoul on Nov 3.

Asian panel makers are rushing to increase their presence in China, which is expected to become the world's biggest market for LCD televisions within a few years.

Research firm Display Search expects the Chinese LCD TV market will grow to 40.8 million units in 2012 from 25 million in 2009, overtaking North America and Western Europe.

LG Display had signed a non-binding agreement for the Chinese plant in August. It said in a statement yesterday that while no decision had been made yet regarding a specific Chinese partner for the project, it would be an LCD TV maker based in the country.

To operate the panel plant, LG Display and the city of Guangzhou will set up a joint venture to be capitalized at 1.3 billion USD, with LG Display providing 70 percent of the capital. The remaining 30 percent would come from Guangzhou City and the future Chinese partner, LG Display said.

Editor: Miranda
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