12.29.2003 12:00 PM
NEC, SVA plan to invest more than $1 billion on LCD plant in China
Hoping to tap into a booming global demand for flat screen television sets, NEC and SVA plan to invest $1.1 billion into building China’s first plant dedicated to manufacturing liquid crystal displays.
Underscoring confidence in the LCD arena, the companies plan to spend another $2 billion on a second LCD production line in two to three years. This venture would be based in Shanghai, a company official told Reuters.
NEC will own 25 percent of the business with SVA Group, China’s largest state-owned electronics company. SVA has raised $252.5 million in capital and employs about 26,400 people.
The plant is due to start up in October 2004 and produce 45,000 sheets of glass per month. Sales of $750 million are predicted for its first full year of operation.
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