CSOT, a panel unit of Chinese home appliance maker TCL, acquired Samsung Display’s Suzhou LCD plant for $1.08 billion, making China the producer of half the world’s large LCDs, industry sources said Sunday.

According to the sources, CSOT signed a deal with Samsung Display to acquire 60 percent of the Suzhou plant for $1.08 billion. The remaining 10 percent will be owned by the parent company, TCL, and 30 percent by the Suzhou city government.

The Suzhou plant was responsible for 27 percent of Samsung Display’s LCD production.

As a result, CSOT will have three 8.5-generation production lines and one 11th generation line. It is planning to start operating its 11th generation LCD production lines from early next year.

Samsung Display also invested $739 million to gain a 12.33 percent stake in TCL-related shares.

By Shin Ji-hye (shinjh@heraldcorp.com)