LCD | September 14, 2007
LG to invest additional €3,9 bn in Poland
evertiq.com reported last week that Korea based LG Electronics plans to stop production of unprofitable models smaller than 30 inches to focus on manufacturing high value-added larger LCD TVs in Europe.
According to a LG official, BenQ and Daewoo Electronics will produce small- and mid-size TVs for the European market. If a contract is signed between LG and Daewoo, the company will probably produce is highly 100,000 mid-sized LCD TVs at its plant in Poland for LG by the end of this year. According to a LG spokesman the company can confirm that the deal is almost done. According to LG the plant in Poland is not big enough to meet soaring demand for flat panels in Europe, koreantimes reports. Along with the move, the company will additionally invest €3,9 billionin its LCD plant in Poland over the next four years to boost annualized production capacity of 37, 42, 47, 52 and 55-inch LCD TVs to 10 million by 2010.