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Schott plans to build LCD plant in Korea

  PLAY AUDIO

Nov 24,2005
German glass maker Schott AG announced yesterday it will build a liquid crystal display (LCD) glass manufacturing plant in Korea to secure a foothold in the Asian LCD market. Schott announced in a news conference that it has set up a joint venture with Japan’s Kuramoto Seisakusho Co. to produce “seventh-generation” LCD panel glass. Succeeding generations of LCDs have allowed manufacturers to produce bigger panels at a lower cost. The joint venture is 75 percent owned by the German firm and 25 percent owned by the Japanese counterpart. The plant will be built in Ochang, about 120 kilometers (74.6 miles) south of Seoul, at a cost of $115 million, the company said. Completion of the plant is scheduled for the end of next year. LCD glass from the plant will be exported primarily to Asian countries such as Japan, China and Taiwan, a Schott official said. “The Asian market currently accounts for 16 percent of the company’s total sales. We aim to boost the sales ratio to 30 percent within a decade,” the official said. German-based Schott is a global company producing not only glass but also a range of special electronics materials. The company recorded around 2 billion euro ($2.3 billion) in sales last year, of which 76 percent came from overseas markets.


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