LG Chem Ltd announced yesterday (10th February) that it has secured an agreement with German solar technology firm Schott Solar to produce glass for flat-panel displays.

South Korea's biggest chemicals maker will sign a licensing agreement with Schott next Friday for the glass, which is the key component of liquid crystal display (LCD) screens.

Although the Seoul-based company did not provide specific financial details about the deal, it noted in a statement that it would represent its latest strong investment area.

"LCD Glass business will be LG Chem's next growth engine, following polariser and batteries in our information and electronic materials division," read one section.

LG Chem has been focusing on its battery business in recent times as the global economic downturn has severely impacted demand for its petrochemical products.

Last week, Corning, the world largest maker of LCD glass, claimed that demand in the market will improve during the second quarter of 2009.

Source:

LG Chem to adopt LCD glass tech from German Schott (10/02/09)
http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSSEO34837120090210