LG.Philips and subsidiaries invest EUR 800m in Poland

APA - Austria Presse Agentur
07-09-2005, 19:29

Warsaw (Puls Biznesu) – Yesterday, LG.Philips LCD said it would build its first European LCD monitors plant. Till 2011, the company will invest EUR 429m. “LG.Philips LCD plans to open the Polish unit in September 2005 to start plant construction in the first half of 2006 to launch production in the first half of 2007.

Warsaw (Puls Biznesu) – Yesterday, LG.Philips LCD said it would build its first European LCD monitors plant. Till 2011, the company will invest EUR 429m. “LG.Philips LCD plans to open the Polish unit in September 2005 to start plant construction in the first half of 2006 to launch production in the first half of 2007.

In the beginning, 3m modules a year will be produced”, the company wrote in an announcement. LG.Philips will sign the investment agreement with the Polish government on Friday. “The company will get PLN 99.6m (EUR 25.4m) from the budget. Regional subsidy will amount to PLN 335.7m. This is the highest public subsidy in the history but the investment is vital. It creates new technology cluster”, Marcin Kaszuba, the deputy Minister of Economy commented.There are other investments of LG group. A home appliances plant producing refrigerators, washing machines and air-condition equipment will be also located in Kobierzyce, south-western Poland. “This is a PLN 350m investment. 3,220 people will work in this plant. It will achieve production capacity in 2016. The company will get PLN 48.8m of cash for this investment. Total public help will amount to PLN 143m”, Marcin Kaszuba explained. Moreover, six co-operants will build their factories. All investments may be worth EUR 800m and create 12,000 new jobs. “We estimate that the revenues within 12 years will amount to PLN 1.3 billion”, Marcin Kaszuba added.(PLN 1 = EUR 0.255)

Poland/Enterprises/Electronics/Investment

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