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This excerpt taken from the LPL 6-K filed Feb 23, 2005. LG.Philips LCD Announces Joint Venture with Nippon Electric Glass
SEOUL, Korea (23 February, 2005) – LG.Philips LCD Co., Ltd. (NYSE: LPL, KSE: 034220), one of the world’s leading TFT-LCD manufacturers, announced today that it has established a strategic joint venture with Nippon Electric Glass (NEG), a top-tier LCD glass company, to build a glass polishing and processing facility in the Paju Display cluster outside of Seoul, Korea. The Paju Display cluster will be home to LG.Philips LCD’s recently announced “P7” fab. The new joint venture company, to be named Paju Electric Glass Co., Ltd will be funded with an initial capital investment of KRW 36 billion. LG.Philips LCD will own a 40% equity position in the new company.
According to LG.Philips LCD, the establishment of Paju Electric Glass is a clear demonstration of the Company’s commitment to create a strong, localized supply base and increase production efficiency and competitiveness. With the support of various suppliers and customers, the Paju Display cluster is on track to address the rapidly emerging LCD TV segment, as well as the growing large and wide monitor segment.
LG.Philips LCD and NEG formally announced their agreement to set up the joint venture during a signing ceremony on 23 February at LG.Philips LCD’s Paju plant construction site, which was attended by LG.Philips LCD Vice Chairman and CEO Bon Joon Koo and President and CFO Ron Wirahadiraksa, and NEG Vice Chairman Tetsuji Mori and President Yuzo Izutsu.
The newly established Paju Electric Glass should begin construction of a back-end glass processing plant in 2Q ‘05. The joint venture will source glass substrates from NEG’s plant in Japan and the resulting output will be used for mother glass substrate demand at LG.Philips LCD’s Paju TFT LCD manufacturing facilities, including LPL’s Gen 7 TFT LCD factory, P7.
With the launch of P7, LG.Philips LCD seventh generation TFT-LCD fabrication facility, the Paju Display Cluster is expected to grow into the world’s premier display cluster.
The establishment of a cutting-edge industry complex and attraction of foreign investment serves as a successful example of the collective efforts and resulting benefits from various Korean local and central government bodies as well as many private companies’ investments.
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