Hong Kong – Preparing for a pending change in its ownership structure, LG.Philips Displays, a joint-venture manufacturer of primarily cathode ray tube-based (CRT) displays, said it is changing its name to LP Displays, effective April 1.
The company, which claims to be “the global leader in the display market,” is a joint venture between the CRT businesses of LG Electronics of Korea and Royal Philips Electronics of the Netherlands. In 2005, the company’s share of the total market for both color picture tubes and color display tubes stood at 29 percent, the company said.
According to a company statement, the name change “paves the way for the company's upcoming change in ownership structure, to be announced at a later date.”
“The new name and logo reflect LP Displays’ new corporate status while saluting the company's roots as a joint venture between LG Electronics and Royal Philips Electronics and reinforce its position as one of the world's leading global suppliers of picture tubes used for television sets and computer monitors,” a statement announcing the change reads. “Today’s announcement is an important step forward for LP Displays and reflects the management and financial stakeholders' confidence in both the future of the company and the CRT business.”
The company will continue to focus its business on the “strong demand for competitively priced high-performance CRTs and growing demand for its SuperSlim and UltraSlim CRTs particularly in emerging markets,” the company said.
“Of the countries with the highest populations, the majority will be CRT customers for the foreseeable future. Markets in Asia and South America offer the company an exciting challenge going forward, and the UltraSlim and SuperSlim series provide LP Displays with the competitive advantage it needs to capture this tremendous opportunity,” stated LP Displays president and CEO Jeong Il Son.
LP Displays’ management team will remain in Hong Kong, and the company will continue to serve its global markets with its plants in Brazil, China, Indonesia, and Korea and component operations in the Netherlands and United Kingdom employing over 11,000 people.