SEOUL, South Korea (AP) — LG.Philips LCD Co. said Tuesday it plans to change its name in line with a reduction in shares held by Royal Philips Electronics NV of the Netherlands.
The flat panel maker's new name will be LG Display Co., LG.Philips said in a release. The company plans to register the new name on March 3 following approval at its shareholders' meeting Feb. 29, according to the release.
''The new corporate name reflects the companys business scope expansion and business model diversification, the change in corporate governance following the reduction of Philips' equity stake, and LG's commitment to enhanced responsible management,'' LG.Philips said.
LG.Philips LCD, the world's second-largest manufacturer of liquid crystal displays, began as a joint venture between South Korea's LG Electronics Inc. and Philips in 1999, though both sides gradually reduced their stakes.
In October of last year Philips reduced its stake to 19.9 percent from 32.9 percent. LG Electronics, currently LG.Philip's largest shareholder, holds a 37.9 percent stake.