LG Display earmarks 2.8 bln investment to produce OLED panels for smartphones and tables

Lim Chang-won Reporter() | Posted : August 17, 2021, 11:56 | Updated : August 17, 2021, 11:56

[Courtesy of LG Display]

SEOUL -- In an effort to make a strategic response to growing demands and competition in global markets, LG Display, a major flat-panel maker affiliated with South Korea's LG Group, earmarked 3.3 trillion won (2.8 billion) in new investment to expand the production of organic light-emitting diode (OLED) panels for smartphones and tablets.

LG Display said in a regulatory filing on August 17 that its board has approved the proposed news investment aimed at establishing small and medium OLED lines. The company holds an unrivaled position in large OLED markets for TVs, while Samsung Display accounts for about 80 percent of global small and medium OLED markets.

LG Display aims to secure the production capacity of 60,000 small and medium-sized OLED panels at its plant in Paju north of Seoul. Competition is intensifying due to an aggressive push by Chinese companies to produce OLED panels for smartphones.

The LG group has tried to diversify its business portfolio through "choice and focus" since it closed its troubled smartphone business as of July 31. The withdrawal of LG's smartphone business was prompted by a group-wide strategy to put more resources into other viable sectors such as robotics, OLED technology and vehicle components.
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