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Apple going big-time flat
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July 28, 1999: 5:15 p.m. ET
Investing $100M in Samsung to expand its flat-panel production capacity
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NEW YORK (CNNfn) - Apple Computer Corp. said Wednesday it will invest $100 million in a subsidiary of Korea-based Samsung Electronics Co. to boost the number of flat-panel displays it produces for its new iBook portable computer.
A week ago Apple (AAPL) unveiled its long-awaited and much hyped iBook notebook computer at the MacWorld Expo Technology Conference in New York. The look -- and price -- of the orange- and blueberry-hued portable was an instant hit with buyers and industry analysts alike.
Anticipation that sales of the iBook will demand a large number of flat panel screens prompted the investment, Apple said. "With our new iBook and fast-selling Powerbooks, Apple will need more flat displays than ever going forward," said Steve Jobs, Apple' interim chief executive officer.
The money will go toward expanding Samsung's current production capabilities and to boost its research and development into additional flat-panel technologies, Jobs said. The LCD, or liquid crystal display, screens are produced by Samsung Semiconductor Inc. in San Jose, Calif. Samsung Semiconductor is a wholly owned subsidiary of Samsung Electronics.
The launch of the funky iMac computer last August -- part of Jobs' strategy to restore the company's financial health -- has turned Apple completely around. The iMac, along with several measures designed to cut costs and boost productivity within the company, have dramatically boosted earnings and instilled renewed investor confidence in its stock.
Apple's stock has gained about 64 percent since April, rising to its highest in more than six years. Its shares closed up 11/16 at 54-3/8. 
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