CTP Invest, a closely held company that develops business parks, agreed to buy a Czech cathode-ray tube factory that previously was part of LG.Philips Displays for €40 mln ($52 mln).
CTP Invest plans to keep all 1,200 employees at the factory and expand it to about 2,500 employees or more, CTP General Manager Remon Vos said at a press conference today broadcast by Czech television. CTP, which is buying the factory from Multidisplay s.r.o., aims to double capacity at the site, he said. The plant is located in Hranice na Morave about 260 miles (420 kilometers) east of Prague. It had been a part of LG.Philips Displays until that company filed for bankruptcy in January 2006. Multidisplay was created to help save the jobs at the factory. CTP Invest is owned by Finspel BV and Remon L. Vos Real-Estate BV, both of which are based in Veendam, the Netherlands, according to the Web site of the Czech Commercial Registry. CTP Invest will sell shares to investors in an initial public offering in Prague in the first half of this year, the news server Euro Online reported, without saying where it got the information. (Bloomberg)