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Philips to Withdraw from LG.Philips LCD
Royal Philips Electronics announced last week it intends to withdraw from LG.Philips LCD (LPL), the joint venture founded by Philips and Korea’s LG Electronics in 1999 that has become one of the two largest LCD panel makers in the world. Yesterday, officials at LPL and at the Philips branch in Korea confirmed Philips’ plan to pull out of the partnership, reported the Korea Times. The original agreement between the parties required Philips to hold more than 30% of LPL’s shares until July 2007, so the Dutch company is giving itself plenty of time to liquidate its shares.
In 1999, Philips obtained 50% of the shares in LPL for 725B won. Philips has sold some of the shares, but retains 117,625,000 shares (32.9%), which are worth more than 4T (that’s trillion) won or $4.2B, based on Monday’s market price, according to the Korea Times’ story. That means Philips will realize over 3T won ($3.2B) in capital gains if it sells all of its shares.
LPL has been stumbling recently, reporting a record loss of 322B won in 2Q and postponing investment in a next-generation production line. The Korea Times said, "The departure of Philips will deal a painful blow to the world’s second-largest liquefied [sic] crystal display panel manufacturer," but spokesmen for LPL and LG Electronics did not sound alarmed.
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Cho Jung-kwon, a public relations officer for LG Electronics, said, "Philips has to keep its shares until next July. In this industry, one year is a very long time. Even if Philips sells its shares next year, there will be no big change to the investment plans of LG.Philips."
Philips has not disclosed how much of it holdings it will sell, although it is likely it will liquidate all of its shares. Nor have there been discussions between LG Electronics and Philips regarding how many of these shares LG might purchase. LG Electronics is currently the largest shareholder in LPL with 37.9% of the stock. In this industry, 40% is thought to be enough to hold management rights. As we already have 37.9%, adding 3% will not be a big issue for us," said Cho.
A former LPL executive told Insight Media that this is really an old story, and that the handwriting was on the wall last December when Philips sold a substantial block of stock, breaking the 50/50 stock parity with LG Electronics. He did not see this as a problem for LPL, though. " Selling shares at a profit does not hurt Philips or LPL."
A former Philips employee in the US said the Philips action is consistent with the company’s long-term record of shedding display businesses. That view was echoed, and even extended, by Park Yong-beom, a public relations official at Philips Korea: " The announcement means that Philips is going to reduce its investment from cyclical tech industries such as components and semiconductors, where earnings are volatile and associated with market conditions. The company plans to shift the R&D investment to healthcare and lifestyle businesses."
http://displaydaily.com/2006/08/08/...philips-lcd-jv-will-realize-32b-capital-gain/
Αυτο ομως που μου κανει εντυπωση ειναι οι πληροφοριες οτι αφοτου αποσυρθει η Philips σκοπευει να αγοραζει panel απο τριτους προμηθευτες (κυριως Κινα και Ταιβαν).
Philips to Withdraw from LG.Philips LCD
Royal Philips Electronics announced last week it intends to withdraw from LG.Philips LCD (LPL), the joint venture founded by Philips and Korea’s LG Electronics in 1999 that has become one of the two largest LCD panel makers in the world. Yesterday, officials at LPL and at the Philips branch in Korea confirmed Philips’ plan to pull out of the partnership, reported the Korea Times. The original agreement between the parties required Philips to hold more than 30% of LPL’s shares until July 2007, so the Dutch company is giving itself plenty of time to liquidate its shares.
In 1999, Philips obtained 50% of the shares in LPL for 725B won. Philips has sold some of the shares, but retains 117,625,000 shares (32.9%), which are worth more than 4T (that’s trillion) won or $4.2B, based on Monday’s market price, according to the Korea Times’ story. That means Philips will realize over 3T won ($3.2B) in capital gains if it sells all of its shares.
LPL has been stumbling recently, reporting a record loss of 322B won in 2Q and postponing investment in a next-generation production line. The Korea Times said, "The departure of Philips will deal a painful blow to the world’s second-largest liquefied [sic] crystal display panel manufacturer," but spokesmen for LPL and LG Electronics did not sound alarmed.
Analog AdvancedTV 2nd Banner
Cho Jung-kwon, a public relations officer for LG Electronics, said, "Philips has to keep its shares until next July. In this industry, one year is a very long time. Even if Philips sells its shares next year, there will be no big change to the investment plans of LG.Philips."
Philips has not disclosed how much of it holdings it will sell, although it is likely it will liquidate all of its shares. Nor have there been discussions between LG Electronics and Philips regarding how many of these shares LG might purchase. LG Electronics is currently the largest shareholder in LPL with 37.9% of the stock. In this industry, 40% is thought to be enough to hold management rights. As we already have 37.9%, adding 3% will not be a big issue for us," said Cho.
A former LPL executive told Insight Media that this is really an old story, and that the handwriting was on the wall last December when Philips sold a substantial block of stock, breaking the 50/50 stock parity with LG Electronics. He did not see this as a problem for LPL, though. " Selling shares at a profit does not hurt Philips or LPL."
A former Philips employee in the US said the Philips action is consistent with the company’s long-term record of shedding display businesses. That view was echoed, and even extended, by Park Yong-beom, a public relations official at Philips Korea: " The announcement means that Philips is going to reduce its investment from cyclical tech industries such as components and semiconductors, where earnings are volatile and associated with market conditions. The company plans to shift the R&D investment to healthcare and lifestyle businesses."
http://displaydaily.com/2006/08/08/...philips-lcd-jv-will-realize-32b-capital-gain/
Αυτο ομως που μου κανει εντυπωση ειναι οι πληροφοριες οτι αφοτου αποσυρθει η Philips σκοπευει να αγοραζει panel απο τριτους προμηθευτες (κυριως Κινα και Ταιβαν).
