After one year of discussion, the LCD panel cross-purchase between Samsung Electronics and LG Display will finally be realized. According to an industry spokesperson, Samsung Electronics and LG Display will conclude an MOU at the Renaissance Hotel on Aug. 25.
This MOU allows Samsung Electronics to purchase 40,000 17-inch monitor panels and LG Electronics to purchase 40,000 22-inch monitor panels per month. Until now, both companies have imported each panel from Taiwan.
Most key people will attend the event on Aug. 25, including Lee Youn-ho, the minister of Knowledge and Economy; Lee Yoon-woo, vice chairman of Samsung Electronics; Nam Yong, vice chairman of LG Electronics; and Kwon Young-soo, president of LG Display.
Since the Ministry of Knowledge and Economy has discussed the cross-purchase between Samsung and LG as a Display Industry Development Strategy in June 2008, the plan is finally accomplished after about one year of talk.