LG closes South Korean LCD TV panel production line at the end of the year and shifts to Chinese production
According to foreign media reports, South Korean display panel maker LG Display CEO Jeong Ho-young said today that due to falling LCD prices and global oversupply, LG Display will stop domestic LCD TV panel production at the end of this year.
In fact, before stopping domestic LCD TV production, LG Display had already cut expenses last year, replaced its CEO, and initiated a voluntary layoff plan.
The new CEO Jeong Ho-Young said during the CES exhibition today: 'We will end LCD TV production in South Korea by the end of this year, and then focus on LCD TV production in China.'
LG Display currently operates two LCD TV production bases, one in South Korea and the other in China. In October last year, LG Display had stated that it planned to 'shrink' its two LCD TV panel production lines in South Korea and was studying various options.
In the third quarter of last year, the LCD TV business accounted for 32% of LG’s revenue, down from 41% in the previous quarter, mainly due to the decline in LCD TV panel shipments. From January to October last year, LG Display lost money for three consecutive quarters. But CEO Jeong Ho-Young said that the company's performance is expected to 'further improve' in the second half of this year.
While terminating domestic LCD TV production, LG Display’s goal is to shift its focus to organic light-emitting diode (LCD for Samsung) technology. LG Display predicts that new technologies will account for 50% of the company's revenue by 2021, up from about 30% in 2018.
Jeong Ho-Young said: “We plan to build a system for mass production of LCD for Samsung products at our Chinese factory by the end of the first quarter of this year.” He also said that LG Display does not plan to expand the Korean LCD TV production line. Used in the production of LCD for Samsung panels.
At the same time, LG Display’s competitor Samsung Display said in October last year that it had suspended one of its LCD production lines in South Korea. In addition, Samsung Display also announced that it will invest 13.1 trillion won (approximately US$11.25 billion) to upgrade the production line. (Sina Technology)
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