Samsung and LG to set up plants in China
The world’s largest and second largest South Korean television manufacturers, Samsung and LG have received government’s approval to build their flat-panel plants in China, reports Reuters. China is expected to become the largest LCD TV market in the world, with research firms like DisplaySearch indicating that the Chinese LCD TV market will see mammoth growth in 2012, reaching 40.8 million units from a 25 million units in 2009, which will thus overtake the North American and West European markets.
Samsung is reportedly planning for a 7.5 generation LCD manufacturing facility for $2.2 billion in Suzhou of the Jiangsu province while LG has apparently locked a deal for $4 billion for an 8th generation plant in Guangzhou of the Guangdong province of China. According to a statement from the prime minister’s office, the government approved “exporting those core LCD technologies to China” after consideration of the need to manage locally manage the fast-growing Chinese market and the economic cooperation between China and South Korea.
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