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Philips heavily invests on CRT company restructuring

Posted: 04 Dec 2003 ?? ?Print Version ?Bookmark and Share

Keywords:philips? displays? lg electronics? cathode ray tube? crt?

Royal Philips Electronics have announced restructuring charges of about EUR 800 million ($967 million) for LG.Philips Displays (LPD) - its 50/50 joint venture with LG Electronics.

LPD manufactures cathode ray tube (CRT) displays which according to the company, has been affected by worsening market conditions and increased price erosion, mainly caused by the rapid penetration of the LCD panels for application in TV receivers and monitors. Therefore LPD has reviewed its business plan and worked out a program to adopt its capacity and maintain its cost leadership.

Execution of this program is expected to strengthen LPD's competitiveness and will secure continued positive cash flow.

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