Westinghouse cuts price of LCD TVs

Westinghouse Digital Electronics announced on Wednesday that it has cut up to 25 percent off the price of two of its liquid-crystal display TV models. The company's 27-inch model is now going for $1,299, and its 30-inch model is selling for $1,799. The price moves reflect declining production costs for LCD TVs, according to the company. Inventory of LCD panels have been building up in the industry because of lower-than-expected demand, which has resulted in lower prices, analysts and panel suppliers have said.

Westinghouse entered the LCD TV market earlier this year, in expectation that its strong brand would attract new consumers. Motorola, which also recently entered the business, announced earlier this week it would be exiting the market because of a difference of opinion with its partner Moxell Technology.