LG Display cuts spending targets for 2012, amid sagging LCD demand

LG Display has decided to drastically cut its expenditure target for 2012, in yet another sign that the LCD market is going through some tough times. Today, the manufacturer announced that it will spend only three trillion won (about $2.8 billion) on its production facilities next year -- a 33 percent decrease from its previously revised budget and LG Display's lowest expenditure target since 2009. The company also said that it has no plans to build a new LCD plants in 2012, suggesting that it may already be facing excess panel supply. Analysts are predicting that demand will remain subdued throughout the end of 2011, though LG Display CFO James Jeong had previously said he expects things to pick up by the beginning of next year.