LG.Philips gets a mega USD 5 billion project from Hewlett-Packard

LG.Philips gets a mega USD 5 billion project from Hewlett-Packard

LG.Philips happens to be the second biggest suppliers of flat screens in the world. And they have just announced a deal with Hewlett-Packard worth USD 5 billion. The deal would last for a period of 3 years and the company would be supplying flat screen panels to HP.

These flat panels would be used by Hewlett-Packard in their notebook computers and monitors. HP itself is the second biggest supplier of computers in the world. This deal is worth 20% of annual revenues for the LG.Philips Company and would help them compete against Samsung, which is the market leader in this segment.

The deal also highlights the fact that consumer is indeed looking forward to the flat panel screens from the CRT monitors as compact solutions for computing becomes popular. HP also preferred LG.Philips to Samsung because they offered them a better deal.

This announcement also helped the shares of the LG.Philips in the market as they closed 2.71 percent higher at 53,000 won.