Dutch electronics giant Philips says it will set up a hi-tech light emitting diode, or LED, production plant in Singapore. This will be its first LED manufacturing facility in Asia.
Philips expects the new plant to create 900 new jobs and help double its total LED output by 2007.
Philips is keen to consolidate its leadership position in the global LED market which is worth U.S. $5 billion in annual sales and growing at an average rate of 25 percent per year.
It has revealed plans to take over a vacant Maxtor plant in Singapore and has already scheduled production to begin by early 2007.
Mourad Mankarios, CEO, Philips Electronics Singapore, said: "It was a factor in being able to be up and running in a shorter period than if we had to get a piece of land and build a plant and do all sorts of things. So that was the contributor and a very key contributor in the decision making process."
The company declined to detail the size of the Singapore investment, but says it is significant and will help to double the group's LED output.
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