ID :
21884
Mon, 09/29/2008 - 14:25
Auther :
Shortlink :
http://m.oananews.org//node/21884
The shortlink copeid
LG Micron, LG Innotek decide to merge
SEOUL, Sept. 29 (Yonhap) -- LG Micron Ltd. and LG Innotek Co., two electronics parts makers under LG Group, said Monday they have agreed to a merger set to happen by the end of the year.
The two sides finalized the decision at their respective board meetings held
earlier in the day, the companies said in a statement. Financial terms were not
disclosed.
The companies plan to complete the merger process by December 31 and will hold
respective shareholders' meeting on the matter for final approval in November.
LG Electronics, South Korea's leading appliance maker, owns 50 percent of LG
Innotek and 52 percent of LG Micron.
LG Innotek makes mobile phone components, while LG Micron produces
display-related components. The combining of the two companies is expected to
create of comprehensive parts manufacturing giant with annual sales worth 3
trillion won (US$2.52 billion).
odissy@yna.co.kr
(END)
The two sides finalized the decision at their respective board meetings held
earlier in the day, the companies said in a statement. Financial terms were not
disclosed.
The companies plan to complete the merger process by December 31 and will hold
respective shareholders' meeting on the matter for final approval in November.
LG Electronics, South Korea's leading appliance maker, owns 50 percent of LG
Innotek and 52 percent of LG Micron.
LG Innotek makes mobile phone components, while LG Micron produces
display-related components. The combining of the two companies is expected to
create of comprehensive parts manufacturing giant with annual sales worth 3
trillion won (US$2.52 billion).
odissy@yna.co.kr
(END)
