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Chimei Innolux to cut 2011 capex by 20-30 p.c.

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CIOL Bureau
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TAIPEI, TAIWAN: Chimei Innolux Corp , the world's No.3 LCD maker, said on Tuesday that it will cut capital expenditure by 20-30 percent this year amid falling demand.

"With less consolidated cash flow, we have to be more conservative on capex," Chief Executive H.C. Tuan told reporters after a shareholder meeting. The company said earlier this year that the capex would be about T$100 billion ($3.46 billion).

On plans to spin off its panel business and invest in a Chinese factory, Tuan said the board was still evaluating the move and no decision had been made.

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