Schott, Kuramoto to set up 115 mln usd TFT-LCD glass plant in S Korea

Germany's Schott AG said it has signed a deal worth 115 mln usd with Japan's Kuramoto Seisakusho Co Ltd to set up a South Korean joint venture making seventh-generation large-size TFT-LCD glass substrates.

Under the deal, Schott will hold a 75 pct stake in Schott-Kuramoto Processing Korea, with the Japanese partner having the remainder.

Udo Ungeheuer, chairman of Schott's board of management, said that the South Korean plant will start mass production late next year.

It will hire about 350 workers and supply major LCD panel and TV makers in East Asia, including those in South Korea and Japan.

Schott aims to boost its proportion of Asia sales to 30 pct of global sales in 10 years from the current 16 pct.

It said it will spend an additional 80 mln usd to double its melting capacity for alkali-free thin glass substrates of the seventh and eighth generations by building a new TFT melting tank in Jena, Germany.

It will begin work on building the tank in February.

600450 Schott, Kuramoto to set up 115 mln usd TFT-LCD glass plant in S Korea

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