TPV Technology opens plant in Russia

TPV Technology opened a LCD TV production facility in St. Petersburg (Russia).
Błażej Reiss, operational manager of the facility, told Interfax that USD 25 million have already been invested, with another USD 5 million to follow in 2012 aimed at raising the technology level of the facility, which is to produce TVs for Dutch electronics giant Philips.
The production facility has been leased for the next 5 years from AKM Logistic.
Currently, the facility has a production capacity of 2 million units per year. However, annual capacity is to increase to 3.5 million from September onwards.
TPV is said to be negotiating production contracts with Sharp, Panasonic and Sony.

News source: Evertiq New Media AB