Admin
04-09-2006, 08:32 PM
Dutch electronics giant Philips says it will set up a hi-tech light emitting diode, or LED, production plant in Singapore.
This will be its first LED manufacturing facility in Asia.
Philips expects the new plant to create 900 new jobs and help double its total LED output by 2007.
Philips is keen to consolidate its leadership position in the global LED market which is worth US$5 billion in annual sales and growing at an average rate of 25 percent per annum.
It has revealed plans to take over a vacant Maxtor plant in Singapore and has already scheduled production to begin by early 2007.
Mourad Mankarios, CEO, Philips Electronics Singapore, said: "It was a factor in being able to be up and running in a shorter period than if we had to get a piece of land and build a plant and do all sorts of things. So that was the contributor and a very key contributor in the decision making process."
Lightings, including LED products, currently accounts for about 16 percent of Philip's overall revenue.
The company declined to detail the size of the Singapore investment, but says it is significant and will help to double the group's LED output.
Mourad Mankarios said: "Singapore was chosen as the site for the new LED plant. This plant when it is fully operational will have about 900 employees. This is a leading edge technology which will basically boost our position in the market place for LED technology worldwide."
The global lightings market is worth some US$26 billion in annual sales.
Philips already has several facilities in Singapore that manufacture mainly consumer products.
Last year, the Singapore arm reported annual sales of about S$1.2 billion. - CNA/ch
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/228467/1/.html
This will be its first LED manufacturing facility in Asia.
Philips expects the new plant to create 900 new jobs and help double its total LED output by 2007.
Philips is keen to consolidate its leadership position in the global LED market which is worth US$5 billion in annual sales and growing at an average rate of 25 percent per annum.
It has revealed plans to take over a vacant Maxtor plant in Singapore and has already scheduled production to begin by early 2007.
Mourad Mankarios, CEO, Philips Electronics Singapore, said: "It was a factor in being able to be up and running in a shorter period than if we had to get a piece of land and build a plant and do all sorts of things. So that was the contributor and a very key contributor in the decision making process."
Lightings, including LED products, currently accounts for about 16 percent of Philip's overall revenue.
The company declined to detail the size of the Singapore investment, but says it is significant and will help to double the group's LED output.
Mourad Mankarios said: "Singapore was chosen as the site for the new LED plant. This plant when it is fully operational will have about 900 employees. This is a leading edge technology which will basically boost our position in the market place for LED technology worldwide."
The global lightings market is worth some US$26 billion in annual sales.
Philips already has several facilities in Singapore that manufacture mainly consumer products.
Last year, the Singapore arm reported annual sales of about S$1.2 billion. - CNA/ch
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/228467/1/.html