INTERNATIONAL – South Korean panel maker LG Display Co Ltd will halt domestic production of liquid-crystal display (LCD) TV panels by the end of this year, its chief executive said on Monday, due to dropping LCD prices and a global supply glut.
The suspension of domestic LCD TV production comes after the company last year chopped its spending, replaced its long-time CEO and started a voluntary redundancy program.
“We will be wrapping up our LCD TV production in South Korea by end of this year and focusing on our LCD TV production in China,” Chief Executive Jeong Ho-young said at the annual CES trade show in Las Vegas.
In October, the South Korean Apple supplier said it planned to “downsize” two of its LCD TV panel production lines in South Korea and was looking into various options.
LCD TV businesses accounted for 32 percent of LG’s revenue in the July to September period, down from 41 percent the previous quarter due to fewer shipments from its LCD TV panel plants.