Soon your LG HDTVs will have a "made in China" sticker on the back. The company says it just broke ground on its 8th-generation LCD panel plant in Guangzhou, China.
The company is looking to get competitive in China, which currently has the world's largest LCD TV market. The new plant should begin mass production in the second half of 2014.
According to the company, the 8th-gen LCD plant is a big one, located on 172 acres in Guangzhou's Advanced Technology Industry Development District. It's a joint effort between LG Display, the Guangzhou Development District, and Skyworth Digital, which is one of the largest TV set makers in China. LG says that the split is 70-20-10 between the three organizations.
By locally producing those panels in the booming LCD market of China, LG says it can deliver "closer and more efficient" services, while developing a relationship with other LCD component makers. It should also significantly reduce distribution, labor and tax costs.
"The groundbreaking of LG Display's 8th generation LCD plant further distinguishes our competitive advantage both locally and globally when it comes to supplying customers with the best products and support," said Dr. Sang Beom Han, CEO of LG Display. "With the local production of LCD panels, LG Display will continue to take the lead in China with a streamlined, highly efficient production process."
LG cited DisplaySearch in saying that approximately 44.52 million LCD TVs were sold in China in 2011. The company says that China is now the world's largest LCD TV market, with those numbers expected to expand to 57.20 million by 2014.
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