Philips Divests from LG Display

March 12, 2009

LG is world's second largest liquid crystal display maker

Philips has sold all its remaining shares in South Korea's LG Display, the Seoul company said on March 12.

Philips on March 11 disposed of its final 13.2% stake, said a spokesman for LG Display, the world's second largest liquid crystal display maker.

Philips and LG Electronics jointly set up a 50-50 joint venture, LG Philips LCD, in 1999. It was renamed LG Display in 2008.

The Dutch company had been cutting its stake in the joint venture since late 2005, a year after it was listed on the country's stock market.

LG Electronics is now the single largest shareholder with a 37.9% stake.

Shares of LG Display closed down 6.5% at 25,900 won on the Seoul stock exchange.

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