LG.Philips launches LCD business, seeks insolvency protection for CRT operations
LG.Philips LCD , manufacturer of TFT-LCDs, launched a new Application Business Div. late last month to further penetrate this attractive and growing market. The company will focus on invigorating its small- to mid-size TFT LCD product lines. In separate news, another company division, citing a worsening cathode ray tube (CRT)
In a ceremony at its Gumi plant to officially open the division, Bon Joon Koo, vice chairman and CEO, called the expansion a step toward making the company a leader in the market for small- to mid-sized panels. LG.Philips LCD has been in the small- to mid-size LCD business since 2003. Sales have grown more than 100% a year. Total accumulated unit sales have topped 50 million small- and 5 million mid-sized panels.
Elsewhere, LG.Philips Displays Holding B.V. announced the worsening cathode ray tube (CRT) market and unsustainable debt have forced it to file for insolvency protection. The move affects the holding company and its Dutch and German subsidiaries. Certain other of the firm’s operations are also reviewing their financial position.
Many CRT manufacturers, especially in Europe, have seen a dramatic decline in the demand for CRTs, as flat panels, including liquid crystal displays (LCDs), drop in price and increase in popularity. However, overall global demand for CRTs remains strong, especially in emerging markets. About 350 employees in Netherlands and 400 in Germany are affected.
—Jeanine Katzel, senior editor, Control Engineering,