LG.Philips LCD, one of the world's biggest manufacturers of LCD (liquid crystal display) panels, said Tuesday that it plans to change its name to LG Display.
The change was approved at board meeting earlier this month and comes after Philips Electronics of The Netherlands reduced its stake in the company to 19.9 percent from 32.9 percent. South Korea's LG Electronics remains the largest shareholder in the company with a 37.9 percent stake.
Next it will need to be approved at the annual general meeting of shareholders, which is scheduled for Feb. 29. If the proposal succeeds then the company will register its new name, LG Display, on March 3. It said it expects the entire name change process to be complete by the of June 2008.
LG.Philips LCD was formed in 1999 and debuted on the New York and Seoul stock markets in a dual-initial public offering in 2004. The company was ranked the number two supplier of 10-inch and larger LCD panels in the third quarter of 2007 by DisplaySearch. LG.Philips LCD had a 20.7 percent share of the global market behind Samsung Electronics.