The Chinese take the lead in the LCD TV market, the LG factory allegedly falls into their hands
Although South Korean giants Samsung and LG have largely withdrawn from China’s local market, LG’s LCD TV panel factory still exists in the country’s Guangzhou district. Now, however, it seems that the Chinese are taking the lead in this market as well as the aforementioned LG factory.
As LCD panel prices have fallen over the past year, LG has faced a lot of pressure, and at the time rumors indicated that its plant in China would be bought by TCL, however, that did not happen. The Chinese giant Skyworth now enters the story.
He plans to buy the factory of the South Korean company, but also the factory facilities of other manufacturers, according to Chinese portals. After that, Skyworth reportedly plans to control the entire LCD TV panel market.
After taking over the factory, this Chinese giant reportedly plans to provide employees with work contracts of at least four years, and at the same time will promote the renewal of production capacity.
This year’s capacity of the factory was only 7 to 8 million LCD panels, and after the purchase, predictions in this regard increase to 15 million pieces in the next year. However, neither Skyworth nor LG have yet confirmed the news, and information about it has been published by local media in China for a couple of months.