Even as its Korean archrival Samsung Display consolidates is dominance of the small and medium sized OLED market with newer and nifty products, LG Display does not want to be left behind in competition. LG, which suffered a setback in its smartphone production and left the field, is now making a strategic move in the display market.
LG Display has announced that it is coming up with an investment of $2.8 billion to expand the production of organic light-emitting diode (OLED) panels for smartphones and tablets. The new investment is aimed at establishing small and medium OLED lines (sixth-generation 1,500mm x 1,850mm substrates).
Investment for its plant in Paju, South Korea
For the record, LG thoroughly dominates large OLED markets for TVs, while Samsung Display accounts for about 80% of global small and medium OLED markets.
So basically, LG is now taking the fight to its enemy camp. And there is also competition brewing from aggressive Chinese companies that vying to to manufacture OLED panels for smartphones.
LG Display aims to secure the production capacity of 60,000 small and medium-sized OLED panels at its plant in Paju in south Korea.
The investment will take place starting this month until March 2024, and will be used in its existing facilities.
The company had said last month that it is reviewing a plan to expand the capacity of its plastic OLED panels.
The LG group has tried to diversify its business portfolio after it closed its troubled smartphone business.
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