LG.Philips Displays, a joint venture of Dutch Philips Electronics and Korea's LG Electronics said that it would close down two factories in Germany and Britain.
The company, which produces Cathode Ray Tube (CRT) monitors mainly for televisions and computers, said in a statement the closure would involve about 1,000 jobs in Aachen, Germany, and 265 jobs in Simonstone, Britain.
The Aachen plant has produced picture tubes since 1954 and currently makes high-end products, which are competing with increasingly popular flat TV screens. It is running at just 60 percent of its capacity, an LG.Philips Displays spokeswoman said.
Both Aachen and the Simonstone glass factory, opened in 1960, will be closed in mid-2004.
LG.Philips Displays, which has seen prices of old-style picture tubes drop by 20 percent this year alone, also plans to cut jobs at two other factories in Durham, Britain, and Dreux, France.
The spokeswoman declined to elaborate. (Reuters)
to Daily News