- LG.Philips 'Cooperating' With Fair-Trade Investigation
SEOUL, Dec. 11, 2006 -- LG.Philips LCD Co. Ltd., a maker of thin-film transistor liquid crystal display (TFT-LCD) technology for flat panel displays, said today it is being investigated by fair-trade authorities from Korea and Japan and has received a subpoena from the US Department of Justice "as part of an investigation of possible anticompetitive conduct in the LCD industry."
The South Korea-based company, a joint venture between LG Electronics Inc. and Philips Electronics, said in a statement it will cooperate fully with authorities.
“Last Friday, as part of an investigation of possible anticompetitive conduct in the LCD industry, officials from the Korean Fair Trade Commission (KFTC) visited the offices of LG.Philips LCD in Seoul, Korea," LG. Philips said. "In addition, the Japanese Fair Trade Commission (JFTC) issued a notice to our offices in Tokyo, Japan, and the USs Department of Justice (DOJ) issued a subpoena to our offices in San Jose, Calif.," the company said. LG.Philips LCD opened its first customer service center in the US, in San Diego, in November.
"LG.Philips LCD takes this matter very seriously and will cooperate fully with regulatory authorities," it said.
"LG.Philips was the world's biggest maker of the large LCD panels used in flat-screen TVs and PC monitors last year," the article said. "But in 2006, the loss-making company has been overtaken by rival Samsung Electronics Co. Ltd., which teamed up with Japan's Sony Corp." It said the company is struggling with high costs of its TV panels and weak prices, which some analysts attribute partly to its lack of a diversified client base.
For more information, visit: www.lgphilips-lcd.com
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