Philips reveals plan to sell stake in LG.Philips LCD

During his press conference in the annual meeting of the Radiological Society of North America (RSNA) in Chicago, McCormick Place, the U.S., on November 26, Royal Philips Electronics president and CEO Gerard Kleisterlee unveiled the company's plan to sell all stakes in LG.Philips LCD, a joint venture with LG Electronics.

Kleisterlee added that the sale will be proceed with in the stock market according to market principles, and the company will choose the way to maximize Philips stakeholders' profits. In addition, Kleisterlee also unveiled his plan to procure panels from Taiwanese and Japanese firms by diversifying suppliers of display panels used in Philips' large-format TVs.