South Korean LG.Philips LCD Co. announced Tuesday it has signed an agreement with Hewlett-Packard (HP), the world's second largest manufacturer of personal computers, to provide notebook PC and monitor LCD panels over the next three years.
The 5 billion-US dollar agreement will further strengthen the presence of LG.Philips, one of the world's leading innovators of thin-film transistor liquid crystal display (TFT-LCD) technology, in the notebook PC and monitor LCD market, said a news release carried on the company's website.
Under the contract, the company will be the primary supplier of LCDs for HP notebook PCs and monitors from June 2005 to May 2008.
"LG.Philips LCD has regained its number one position in the large monitor and TV LCD market and now expects to gain momentum in the notebook LCD market through its partnership with HP," said the release.
Earlier Tuesday, the two giants formally announced their supply agreement during a signing ceremony at the LG Twin Towers in downtown Seoul, which was attended by LG.Philips LCD Executive Vice President for Sales Duke Koo and HP Personal Systems Group Vice President Kirk Moul, according to the release.
Moul highly evaluated the agreement, saying, "This strategic agreement with LG.Philips LCD is a key to our continuing growth in the notebook and display market by enabling a stable supply of high quality and advanced technology products."
LG.Philips is a joint venture between LG Electronics Inc. of South Korea and Royal Philips Electronics NV of the Netherlands.
Headquartered in Seoul, LG.Philips LCD currently operates six fabrication facilities in South Korea and has over 14,000 employees in locations around the world.