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Cornea Technology Acquires KDS Korea

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SEOUL, South Korea, March 12 -- Cornea Technology, the parent company of US flat-panel display manufacturer Cornea Systems, announced it has acquired KDS Korea for $60 million. Cornea Technology said it will leverage certain strategic assets of the company to increase the quality and volume production of its TFT-LCD and LCD TV displays.

A major producer of display technologies in Asia, KDS Korea has an automated manufacturing facility capable of producing 150,000 LCD displays per month.

S.S. Shin, president of Cornea Technology, will also serve as president of KDS Korea. Songchul Choi, former vice president of Hydis, a display manufacturer and subsidiary of Hyundai, has been appointed COO of KDS Korea.

"The acquisition of KDS Korea will allow us to expand our already growing business and raise the bar on the quality and innovation customers come to expect of our TFT-LCD and plasma displays" said Shin. He said the company's several global subsidiaries will all benefit from the acquisition, which was approved by the Korea District Court on February 6.

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Mar 2003
ConsumerindustrialNews & Features

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