Videocon bids for LG Philips unit
December 4th, 2006
Videocon Industries has put in a bid to acquire Hong Kong based biggest CRT (Cathode Ray Tube) manufacturer LG Philips Displays. If successful, Videocon will capture 50% of the world CRT market helping the company to strengthen its global supply chain. The target company has a capacity of 60 million units and revenue of $3 billion, whereas Videocon’s own CRT manufacturing capacity is 21 million units per year. Videocon has been very keen on acquiring globally distressed assets in order to strenthen its base in the global market. The company had recently gone after Daewoo electronics and it has acquired many small units in the home country.