Business Notes
By Staff -- TWICE, 5/17/2004
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LG.Philips LCD Slates IPO Fund Raiser For Big-Screen Investment
SEOUL, SOUTH KOREA— Television and computer LCD maker LG.Philips LCD has announced an initial public stock offering (IPO) to raise nearly $2 billion for plant investment, about double the $1 billion scheduled only two weeks earlier. Looking for growth at a time when the LCD big-screen TV category is exploding, the joint venture firm — a company combining the expertise of both LG Electronics and Philips Electronics — is expected to spend $21 billion in the next 10 years on the digital flat-screen category. LG.Philips LCD anticipates building a plant two years from now which makes screens wider than 42 inches. The IPO tentatively is scheduled for early in the third quarter.
Gateway Q1 Loss Widens As Company Submits Revised Results
POWAY, CALIF.— Gateway has finalized first quarter financials, with its net loss widening from nearly $163 million at the time of initial filling at the end of April, to $172 million, for the period ended March 31. The change, which had been expected, compares with a net loss of $197.7 million a year earlier, and is due to an increase in a reserve related to a patent-infringement claim as a result of recent developments in final settlement negotiations.
Compact Power Systems Starts Up Cellboost TV/Print Ads
CANOGA PARK, CALIF.— Compact Power Systems, makers of the disposable battery/charger Cellboost, has launched its first-ever multi-million-dollar national television and print ad campaign. The 30-second TV spot, called "Graveyard," illustrates Cellboost's ability to prevent cellphone batteries from dying, by using a graveyard littered with dead cellphones. The phones are "rescued" by Cellboost and its instant battery power. The spot, which began in late April, runs predominantly on cable networks, in addition to airport and hotel television. The $12 million campaign will continue throughout 2004.
News Corp., DirecTV Operator, Shifting To U.S. Incorporation Site
NEW YORK— Media giant News Corp, which controls the DirecTV satellite platform, is pursuing a reorganization that would change its place of incorporation to the United States. As part of the shift, News Corp., which is controlled by Rupert Murdoch, would move its corporate headquarters from Adelaide, Australia to here. The company also is expected to switch its primary share listing to the New York Stock Exchange, which will help boost access to U.S. capital markets. The moves are contingent upon shareholder approval. Murdoch, a U.S. citizen, has lived in the United States since the 1970s.
Logitech Buys Harmony Remote Maker Intrigue Technologies
FREMONT, CALIF.— Personal interface products maker Logitech has purchased, for $29 million, Mississauga, Ontario-based Intrigue Technologies, known for its Harmony remote control. Logitech, which intends to expand its presence in the digital loving room, said it plans to build sales by combining its PC control device experience, namely through the mouse, with Intrigue's experience and technology. Publicly held Logitech said its deal could add $10 million to $20 million in sales in its current fiscal year, ending in March of 2005.
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