South Korea’s electronics giant LG Display says it will invest 3.3 Trillion Won (€2.3bn) in new facilities to produce more OLED panels.
The investment will start immediately and continue through to March 2024. The news came from LG in a regulatory filing to the Seoul stock exchange.
The company said the investment will be used in OLED facilities in South Korea that manufacture sixth-generation (1,500mm x 1,850mm) substrates.
LG Display is the world’s sole supplier of large-size OLED panels for TVs, but its competitiveness in the medium-and-small sized OLED sector is said to be relatively weak.
For example, in the smartphone OLED panel sector, LG Display had a 10.6 per cent revenue share in the first quarter of the year, far behind Samsung Display Co.’s 73.7 per cent share, according to market researcher DSCC.
Industry observers said the investment is expected to help LG Display to produce 60,000 medium-and-small sized OLED sheets per month at its plant in Paju, north of Seoul.