LG Electronics says to buy LCD panels from Sharp

SEOUL (Reuters) - South Korea's LG Electronics (066570.KS: Quote, Profile, Research) said on Wednesday it plans to buy 32-inch and 52-inch liquid crystal display (LCD) panels from Japan's Sharp Corp (6753.T: Quote, Profile, Research) in order to satisfy surging demand for flat screen TVs.

"We are buying about 2 million 32-inch panels from Sharp," a spokesman for LG Electronics told Reuters. He declined to specify the number of 52-inch panels to be purchased from Sharp along with the value of the deal.

LG procures LCD panels mainly from LG Display (034220.KS: Quote, Profile, Research), its LCD joint venture with Dutch Philips (PHG.AS: Quote, Profile, Research) and from Taiwanese makers, but needed more screens to satisfy its LCD TV sales target of 14 million units, the spokesman said.

(Reporting by Marie-France Han, editing by Keiron Henderson)