July 10, 2018 / 8:38 AM / a year ago

South Korea's LG Display says China approves its OLED factory plan

A man walks out of the headquarters of LG Display in Seoul, October 20, 2011. REUTERS/Jo Yong-Hak/File Photo

SEOUL (Reuters) - South Korean LG Display Co Ltd’s plan to build a new organic light-emitting diode (OLED) panel production facility in China has been approved by the Chinese government, the company said on Tuesday.

The new China plant will be established through a joint venture with 2.6 trillion won ($2.33 billion) in capital, of which LG Display will hold a 70 percent share.

In December 2017, South Korea’s trade ministry gave a go-ahead to the display panel maker’s plan.

The output of the large-scale OLED plates will more than double to 130,000 from 60,000 plates currently, once its new Guangzhou facility starts to mass produce in the second half of next year, LG Display said in a statement.

The company said its large-size OLED production in China would help it better respond to rising demand for the screens in TVs, such as China’s fast growing TV market.

LG Display is the world’s No.1 LCD maker for televisions and also manufactures nearly all large OLED screens for televisions globally.

Reporting by Heekyong Yang; Editing by Muralikumar Anantharaman and Gopakumar Warrier

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