IPS Alpha Technology, which was set up last year by Hitachi, Matsushita Electric Industrial and Toshiba Corp, plans to invest 80 billion yen (715 million dollars) in its plants at home and abroad.

Matsushita, the maker of Panasonic-brand products, is already the global leader in plasma screens, another type of flat-panel television, while Hitachi is also strong in the sector.

The investment will boost the venture's planned annual production capacity in 32-inch LCD screens to 5.0 million units by the financial year to March 2008, against a previous target of 2.5 million for the same period, it said.

"This move is in response to growing demand for flat-panel TVs worldwide," the firm said in a statement.

"Presently, in addition to the roll out of digital broadcasting, upcoming events of global interest such as the 2006 FIFA World Cup in June this year and the 2008 Beijing Summer Olympic Games are spurring a rapid increase in demand for flat-panel digital TVs," it added.

The company is in talks with the Czech government to build a new liquid crystal display module factory to meet growing demand in Europe, for which it has earmarked 12 billion yen of the fresh 80 billion yen investment.

The plant is scheduled to begin production by early 2008, it said.

IPS Alpha Technology, which began operations in January 2005, is owned 50 percent by Hitachi Displays, 30 percent by Matsushita, 15 percent by Toshiba and 5.0 percent by others.

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