MANHASSET, N.Y. LG.Philips LCD Co. said Tuesday (Nov. 30) its Board of Directors has approved plans to invest KRW5.3 trillion ($5 billion) in its liquid crystal display manufacturing plant in Paju, north of Seoul, according to a Dow Jones report.
The report quoted the Seoul, Korea, display supplier as stating it would finance the investment through its initial public offering and from cash raised from existing operations. Further details weren't released.
LG.Philips LCD raised about $1 billion from its sale of 33.6 million shares in July, the report said.
LG plans to invest KRW25 trillion ($33 billion) over the next 10 years in an LCD industrial complex in Paju to boost production of next-generation flat-screen displays, the report said.