LG Philips LCD
, which manufactures liquid-crystal displays, announced Monday a $1 billion additional investment to further expand its production capacity. The company is looking to increase panel supply to the fast-growing LCD TV market and to makers of large-screen desktop monitors. Established in July 1999, the Seoul, South Korea-based manufacturer is a 50-50 joint venture of Royal Philips Electronics and LG Electronics. The investment will be self-financing, with no additional funding required from either partner. Production will begin in the first half of 2003.
LG Philips expects demand for flat-panel-based TVs and desktop monitors to drive the need for LCDs. The company recently opened the doors to a new plant that will allow it to produce more large LCD panels for computers and TVs faster and more cost efficiently than it could with previous plants.