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LG.Philips LCD, a leading flat-screen equipment maker, plans to begin mass production of liquid crystal displays (LCDs) in its new Paju plant from the second half of 2006 -- 6 months ahead of schedule -- the South Korean government said.
The Ministry of Commerce, Industry, and Energy said it has agreed with LG.Philips LCD to lay the groundwork to build the plant in June of 2004 in South Korea’s Paju City, north of Seoul.
LG.Philips LCD, a flat screen joint venture between LG Group and Dutch group Philips NV, will invest a total of U.S. $10 billion in the new plant, the ministry said.
An LG.Philips LCD official said the "decision was made to meet booming demand for flat-screen televisions and computer monitors."
The Paju plant is expected to hire 5,000 new employees and generate approximately 3 trillion won ($2.53 billion) in annual revenues, the ministry said. (Yonhap, Asia Pulse)
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