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LG to close UK LCD factory

August 28th, 2006 · No Comments

LG is to close its monitor production facility in Newport, Wales by the end of the year, with a loss of 315 jobs. The South Korean giant blames “the decreasing sales price of LCD computer monitors together with the increased competition within the market” for the decision. It is thought likely that the company will switch production to its operation in Poland.
In a statement, LG says: “The decision to close was made with great regret and is based solely on the current and external conditions within the marketplace. We have greatly appreciated the hard work and commitment that the employees at the plant have given us over the past nine years and are sorry to see the plant close.”
The factory opened in 1996, and involved an investment of 1.7 billion UK pounds.

Tags: LCD TV · Trade

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