SKorea's LG opens European LCD cluster in Poland |
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Wed, 30 May 2007 03:29
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SEOUL (XFN-ASIA) - LG Electronics Inc said it and other LG Group affiliates - LG Philips LCD, LG Innotek and LG Chem - have opened an European LCD cluster in Wroclaw, Poland, offering the opportunity for one-stop LCD manufacturing, from components to TVs.Three other South Korean parts makers are also housed in the cluster, LG said.LG said it has invested about 400 mln eur in creating the 1.5 mln-square meter cluster and an additional 407 mln eur is earmarked for further expansion by 2011.The companies said they have created approximately 4,200 local jobs in total.The cluster will allow LCD products and components to be produced and assembled at a single location, boosting synergies especially for the European LCD market, which holds about 37 pct of the global market, LG said.'With this highly efficient one-stop manufacturing system, we can provide faster response to regional customers and markets while increasing competence in cost and price,' said Yong Nam, Vice Chairman and CEO of LG Electronics.'As the demand for LCD TVs is increasing more rapidly in Europe than any other region, the Poland cluster will play a core part in LG's overall LCD-related businesses,' he added.LG cited geographic location, a competitive workforce, established infrastructure and support from the Polish government as key reasons for the investment decision.LG Electronics' LCD TV set assembly plants have a planned capacity of 2.4 mln units in 2007 and 10 mln units by 2011, while the LG Philips LCD module plant plans to expand its capacity from an initial 3 mln units to 11 mln by 2011.LG Chem has an estimated annual capacity for polarizers in the Poland cluster at 3 mln sets.LG currently operates similar LCD clusters in Paju, South Korea and Nanjing, China.shinsaeromi@xinhuafinance.com
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