Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Philips, LG Electronics to Restructure
Dec 3, 2003
 Printable format
 Email this Article
 Search

Philips announced it would take impairment and restructuring charges of about U.S. $956 million for its holding in a displays joint venture with LG Electronics. The charges follow the announcement the LG.Philips Displays joint venture would close two factories in Germany and Britain, seeking to cut costs due to shrinking markets and eroding prices for Cathode Ray Tube (CRT) monitors.

The revised expectations and plant closures will force LG.Philips Displays to take an impairment charge of $653 million and restructuring charges of $72 million, Philips said.

"This is a business based on a technology that will be replaced by flat LCD displays. As LCD takes market share we are seeing overcapacity on the CRT market," said Jan Hommen, Philips' chief financial officer.

Mr. Hommen said he expected the LCD monitors to dominate the display market in 8 to 10 years and confirmed a positive outlook for the fourth quarter, saying it would be in line with the previous quarter when the company had a net profit of $150 million.

Philips and LG Electronics have already made their bet on the growing market for flat screens, setting up LG.Philips LCD. The 50:50 joint venture is the leading maker of LCD panels sized over 12-in with a 21.5-percent market share. Expecting televisions as thin as a picture frame to be as successful as flat computer screens, LG.Philips LCD in November doubled its spending plan to $5 billion. (Reuters)

Back to Daily News

 

Daily News

...........................................................

Apr 17, 2014: GE Appliances 1Q Revenues Down 3%

Apr 17, 2014: Remodeling Growth Expected to Continue

Apr 17, 2014: HVAC/R Contractors Outlook Holds Steady

Apr 17, 2014: Appliance Store Sales Down Slightly in March

Apr 17, 2014: Briggs & Stratton Automatic Choking Technology Moves to Riding Mowers

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows