Thursday, September 16, 2004
After nine years of business ties, LG Electronics and IBM Korea are going their separate ways.
LG IBM PC Co Ltd, a personal computer business unit, announced Sept 14 that it would disband, leading to the end of the joint venture of LG Electronics and IBM Korea.
The separation of the businesses will take effect as of January 1, 2005.
The two companies set up a joint venture in 1996 capitalized at 24.3 billion won (US$21.21 million).
"With domestic businesses going through wrenching changes, the two companies have decided to realign their joint ventures, and by doing so, they can cope with new demand and drastic market changes as well," according to an LG Electronics official
By: DocMemory
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