LG, iRiver in eBook Venture

LG Display (LGD) entered a joint venture with iRiver (which makes the $300 Story eReader) to develop OEM eReaders. The joint venture in China will be named L&I Electronic Technology and will start production this September with the goal of producing one million units by 2011. The venture may also move into “eTextbooks and eNewspapers” and may produce ODM products for other companies under contract.
L&I has a $5 million financial backing.
“If we succeed in generating a synergy between iRiver and LG Display, our joint-venture company will grow to become the market leader with unrivaled competitive power in e-book development and production business,” said iRiver CEO Jae Woo Lee.
Source: DigiTimes