Flextronics puts Russian LCD plant on hold

The reason given for this decision was the current global financial crisis. Flextronics has decided not to go ahead with this project. Flextronics was said to invest around $50 million into the new LCD manufacturing facility. The agreement on the construction of the plant had already been signed with the St. Petersburg government in February 2008. The company was said to employ between 300 - 400 staff and was scheduled to be operational in 2009. (evertiq reported). Company officials in Russia we not to comment on the information.