LG. Philips Displays, created through the merger of the display business of Royal Philips Electronics from the Netherlands and LG Electronics from the Republic of Korea, was set up officially Thursday with its headquarters based in Hong Kong.
"We have created the world's largest supplier of television and monitor tubes," Philippe Combes, chairman and CEO of the new company, said at the launching ceremony. Each of the two shareholders owns 50 percent of the new company.
With approximately 36,000 employees, an annual sale of more than US$5 billion and a global market share of 26 percent, LG. Philips Displays will now be the leading global supplier of both television and monitor tubes.
The new company operates 34 factories worldwide, including 14 display factories and 20 key-component factories.
On the choice of Hong Kong as its operational headquarters, Combes said, " Hong Kong's facilities, infrastructure and labor market provide an excellent entrepreneurial climate for the new company. Furthermore, Asia and especially China are very important growth markets for our company and we want our company to be close to these markets."
(Xinhua 07/06/2001)
