On April 7, LG Display announced plans to set up a R&D center with Skyworth Digital Holdings in Shenzhen, China. Skyworth Digital Holdings is a Chinese TV set manufacturer and is the third largest LCD TV manufacturer in China with a 11.5% market share and sales of 320,000 LCD TVs in Q4’07. LG Display is one of the largest LCD manufacturers in the world. The Guangzhou New Vision Display Technology Research and Development center is a 50-50 joint venture between the two companies with a 50 million yuan (US$7 million) investment and will begin operations in May. Yeo Sang-deog, Executive Vice President of LG Display’s TV unit and Zhang Xuebin, board Chairman and President of the Skyworth Group held a ceremony to celebrate the occasion.
Skyworth purchased a small equity stake in LG Display’s LCD module subsidiary located in Guangzhou back in January. Skyworth is also planning to build a TV manufacturing plant near LG Display’s module plant resulting in Skyworth having a steady supply of LCD TV modules while LG Display should experience steady demand. LG Display will increase its module line capacity to 20 million units (LCD TV and LCD monitor modules) by 2010 to meet the growing demand for LCD TVs.
[tags]Guangzhou New Vision Display Technology Research and Development, LCD Manufacturer, Display Manufacturer, LG Display, LCD TV, Skyworth Digital Holdings[/tags]