UPDATE 1-Samsung to prepare for Europe expansion - VP

(Adds details, background)

VODERADY, Slovakia, Oct 17 (Reuters) - Samsung Electronics (005930.KS) plans to prepare for expansion in Europe despite the current financial crisis, its vice-president, Yeong-Duk Cho, said at the opening of a second production site in Slovakia on Friday.

"In the coming two to three years we need to prepare for expansion despite the financial crisis," he said, adding it expected to raise its share in the European LCD market to 22 to 25 percent by 2011, from today's 20 percent.

Yeong-Duk also said despite price declines, the company's profitability was not being hit.

"We still maintain our profitability even in this hostile situation," he said.

The company official said the new Voderady plant in Slovakia will have initial annual capacity of 6 million LCD units, before it is increased to 10 million by 2010.

European officials had cleared about 65 million euros in Slovak aid in July for the project, which requires an investment of 300 million euros and creates 1,200 jobs. (Reporting by Martin Santa; Writing by Jason Hovet; Editing by Quentin Bryar)