Philips plans to sell the majority of its stake in the LG.Philips joint venture as early as this year, Reuters reported Thursday, citing an interview the company’s president gave to the Nikkei business daily.
The joint venture, between the Korean LG and the Dutch Philips, was formed in 1999 to manufacture LCD panels; it has been an independent company since 2004.
Philips had already reduced its stake from 33 percent to around 20 percent last fall. Gerard Kleisterlee, Philips’ president, told Nikkei that the sale will happen soon after the stock market recovered from its current slump. Under this scenario, the Philips would likely keep a 2-3 percent stake.