The Japanese Nikkei newspaper reported that Philips plans to sell most of its remaining stake in LPL (LG.Philips LCD), its LCD (Liquid Crystal Display) panel joint venture with LG. The newspaper based its report on a recent interview with Philips President Gerard Kleisterlee, who reportedly stated that LCD panel was no longer a core business of the company, and that it would focus on core business activities instead, including lighting and medical equipment businesses.

The company is expected to keep a 2-3% stake in LPL after the transaction. In the fall of 2007, Philips already reduced its stake in LPL from 32.9% to 19.9%.

The sell-off of its stake could come as early as this year, with Kleisterlee stating that the company will probably wait until the stock market stabilizes.