Seoul, Korea – Toshiba announced that it has agreed to purchase a 19.9 percent stake in a new LG.Philips LCD plant that is currently under construction in Wroclaw, Poland.
The plant will produce up to 3 million products a year for the European market, after it opens in early 2007. Toshiba will receive an unspecified “steady supply” of products produced at the facility.
“Through this strategic partnership, both LG.Philips LCD and Toshiba will build a strong foundation for growth in the European market. We hope it will serve as a model for additional strategic alliances between LG.Philips LCD and global TV manufacturers around the world,” stated Bon Joon Koo, LG.Philips LCD CEO and vice chairman.
“Our partnership with LG.Philips LCD is an important step toward reinforcing Toshiba’s presence in the trans-European TV business,” stated Toshio Yonezawa, Toshiba corporate senior executive VP. “LG.Philips LCD is a leading supplier in the global market for LCD panels and we will leverage this relationship to build an advantageous position in Europe and to provide high quality and competitive products to the market.”