China's TPV teams with LG Display in LCD ventures

Chinese television maker TPV Technology (0903.HK) said it would set up joint ventures with LG Display Co Ltd (034220.KS) to produce LCD television and monitors in China involving total investments of $84 million.

TPV said it would set up a venture with LG Display to manufacture LCD modules and televisions in Xiamen with a $34 million investment, and a monitor and public display product manufacturing venture in Fujian involving total investment of $50 million.

TPV will hold 49 percent of the ventures and South Korea's LG Display, the world's No.2 maker of LCD screens, will own 51 percent. For statement please click here

Asian panel makers are rushing to increase their presence in China, which is expected to become the world's biggest market for liquid crystal display (LCD) televisions within a few years. Last week, LG Display signed a deal with the Chinese city of Guangzhou to go ahead with a proposed $4 billion panel plant in China. [ID:nSEO152959] (US$1=HK$7.75) (Reporting by Donny Kwok; editing by Jonathan Hopfner)