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The South Korea-based company will work together with the administrative committee of the Zuzhou Industrial Park to set up a joint venture for the establishment of the LCD panel plant. The project will cost up to USD 2.25 billion in total, of which USD 800 million will come from Samsung Electronics.
Like the 8.5G LCD panel production line projected to be set up in Guangzhou, the proposed Samsung Electronics project will need an approval from the South Korean president Lee Myung-Bak, according to the manager. Mr. Lee was reported to have expressed his support for the LGD 8.5G LCD panel project at the summit meeting earlier this month.
The South Korean government will have no reason to block the 7.5G project provided that it says OK to the LGD 8.5G plant, pointed out vice president for DisplaySearch Greater China operation.
Notably, in a file submitted to the local regulators on October 16, the South Korean electronics giant said registered capital for the joint venture would stand at USD 8 million, much smaller than the total investment.
Financial details and shareholding in the venture will be decided after the proposal gets go-ahead from the regulators, said an executive for the company, noting that USD 8 million is the money needed in preparation.
The project is likely to get approval from the South Korea regulators at the end of the year, predicted an industry insider, adding that it usually takes two to three months for the South Korea regulators to finish the examination and approval procedures.
Samsung Electronics' decision to build a 7.5G LCD panel production line was made in September, said people in the know. An executive for Samsung Electronics LCD panel division told reporters at the beginning of the year that the company was poised to set up a high generation LCD panel plant in China no matter how the LCD panel market landscape changed.
The LCD panel maker will move its FAB production line and core FAB production technologies to the plant in Suzhou under a plan it made public in September, according to an official for the Suzhou Industrial Park, describing the production base as the first one armed with Samsung Electronics front-end and back-end production lines out of South Korea.
(USD 1 = CNY 6.83)
Source: www.hexun.com (October 22, 2009)
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