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. Last Updated: 07/27/2016

Philips Buys in Korea

SEOUL, South Korea -- Royal Philips Electronics of the Netherlands has agreed to buy a 50 percent stake in LG LCD Co., an advanced flat-panel computer screen maker, for $1.6 bi llion.

The agreement Monday marks the largest investment in South Korea by a foreign company and the Dutch company's biggest foreign investment, LG LCD officials said.

The deal gives the Dutch-based multinational a key supply source in one of the fastest growing markets in the multimedia hardware industry. Flat-panel screens are increasingly used in cars, hand-held devices, televisions and military equipment.