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Taipei, Jan. 17, 2006 (CENS)--The board of Taiwan's Formosa Plasma Display Corp. (FPDC), a plasma display panel (PDP) panel maker under the Formosa Plastic Group (FPG), has resolved to dissolve the company and withdraw from the PDP market
FPDC was established in 2002 with a capitalization of NT$9.5 billion (US$296.88 million at US$1: NT$32). Until the third quarter of 2005, the company reported accumulated loss of NT$5.1 billion (US$159.38 million), the largest of its kind among FPG's re-invested businesses. FPDC officials claimed that all of the company's equipment would be sold out and the final loss would be figured out after the disposal of the equipment. Some foreign companies have contacted FPDC for the equipment sales
FPDC is an FPG's joint venture with Fujitsu Hitachi Plasma Display Ltd. (FHP, a PDP-manufacturing venture between Fujitsu and Hitachi of Japan). The venture, in which FPG holds a 93.37% stake, originally planned to set up a PDP panel plant in central Taiwan's Yunlin County with an annual capacity of 120,000 PDP panels. FPDC spokesman Huang Tsung-jing said that the competition in the PDP line is too fierce for FPDC to sustain viable operations. Since the second quarter of 2004, the firm has suffered increasingly heavy operating pressure due partly to the competition among PDP makers heating up and partly to makers of thin film transistor-liquid crystal display (TFT-LCD) panels stepping up production of large-sized panels. Huang continued that PDP panel prices fell by 38% in 2004 and further dropped 30% in 2005, causing most PDP makers in the world to suffer operating losses. As companies in Taiwan and South Korea have aggressively injected massive capitals into the line, Huang said, the display industry is laboring under an imbalance in market demand and supply, and the price drops resulting from oversupply have seriously threatened the survival of PDP makers.
<<Taiwan Economic News -- 01/18/06>>