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LG Chem to adopt LCD glass tech from German Schott

Post Time:Feb 10,2009Classify:Company NewsView:344

LG Chem Ltd (051910.KS), South Korea's biggest chemicals maker, said on Tuesday it has agreed with a solar technology firm Schott Solar to adopt the German firm's techniques in producing LCD glass.

The glass is the key material for liquid crystal display (LCD) screens, used in flat-screen televisions and computer monitors.

"LCD Glass business will be LG Chem's next growth engine, following polariser and batteries in our information and electronic materials division," LG Chem in a statement.

LG Chem, which makes products ranging from plastics to flooring and automotive parts, has been focusing on the battery business as its main petrochemical products business suffers from weak global demand.

Details on the deal were not released due to company regulations, it said.

Corning Inc (GLW.N) is the largest maker of glass for LCD and competes with Japan's Asahi Glass (5201.T) and Nippon Electric Glass (5214.T).

Corning runs a venture with Samsung Electronics Co Ltd (005930.KS), Samsung Corning Precision Glass Co Ltd, to serve Korean panel makers.

Corning's sales, including those sold by the joint venture with Samsung, accounted for 55 percent of the global LCD glass market. Asahi Glass and Nippon Electric Glass follow with 23 and 18 percent market share, respectively.

Last Friday, Corning said the total LCD glass market would be about 2 billion square feet in 2009, flat from last year, with demand improving from the second quarter. DisplaySearch estimated that global market LCD glass demand was about 1.16 trillion yen ($12.68 billion).

In January-September last year, Samsung Corning earned 1.4 trillion won in net profit.

Source: ReutersAuthor: shangyi

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