JOLED files for bankruptcy
March 29, 2023
By Chris Forrester
The joint-venture OLED development business, JOLED, owned by Panasonic and Sony has filed for bankruptcy in Japan. Its debts are 33.7 billion Yen (around €236m).
JOLED’s troubles are seen as part of the long decline of Japan’s display industry, which has undergone repeated realignments to try to compete with South Korean and Chinese rivals.
The original plan was to develop JOLED as a mass-producer of OLED panels at low cost.
JOLED will close two factories and lay-off 280 staff. However, a rescue is in prospect from Japan Display which in statement said it would acquire JOLED’s IP in order to expand and accelerate its own growth strategy. Japan Display has an existing contract with Apple.
JOLED’s production plans were delayed by the Covid pandemic and its production lines did not start until 2021. The subsequent shortage of silicon chip-sets also hindered output.