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Hitachi tops up plasma panel investment plan TOKYO (Reuters) - Hitachi Ltd. said on Friday it would boost total investment in a new plasma factory being built in western Japan by 10 billion yen ($92.62 million) to increase output and install a more efficient production line. Hitachi, Japan's largest electronics conglomerate, is targeting plasma displays as a growth area, expecting consumers to continue snapping up flat panel TVs to replace bulky cathode-ray tube models. Fujitsu Hitachi Plasma Display (FHP), a venture owned 80.1 percent by Hitachi and 19.9 percent by Fujitsu Ltd., had said in March 2004 it would invest 75 billion yen on the plant in Miyazaki prefecture, with initial capacity of 50,000 panels a month when it started operations in early 2006. But Hitachi, which recently raised its stake in FHP from 50 percent, said it now planned to spend a total of 85 billion yen on the factory, boosting initial monthly capacity to 100,000 panels but delaying the start to the second half of 2006/07. Hitachi will bear all the investment costs of the new plant. FHP is the world's fourth-largest plasma panel maker after LG Electronics Inc., Samsung SDI Co. Ltd., and Matsushita Electric Industrial Co. Ltd., but it has been losing money amid intense price competition. "FHP decided it was necessary to construct a more efficient production line that could preserve its competitiveness into the future," Hitachi said in a statement, noting that plasma display prices were falling rapidly. Hitachi said the factory would ramp up to 200,000 units a month by the end of the year to March 2009, which would give the company a total capacity of 300,000 units including plans to boost output at another plant already up and running in Miyazaki to 100,000 units. Shares of Hitachi closed Friday trade up 2.7 percent at 647 yen, outperforming the benchmark Nikkei average, which rose 1.49 percent. Fujitsu gained 1.58 percent to 578 yen. ($1=107.96 Yen) News Sourcehttp://www.microsite.reuters.com
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