The strategic move will see the new Guangzhou plant doubling the production rates of OLED display plates from their current 60,000 to 130,000. With LG Display being the top OLED displaymaker in the world, the facility at Guangzhou, China will control and cater to the OLED TV segment across markets in the world.
On Tuesday, South Korea’s LG Display Co Ltd disclosed that the Chinese government has approved its plans of building a new organic light-emitting diode (OLED) panel production facility in China.
The new plant will be established through a joint venture having $2.33 billion (2.6 trillion won ) in capital in which LG Display will have a stake of 70%.
From the South Korean side, the country’s trade ministry had given the go-ahead to the plan in December 2017.
In a statement, LG Display said, once the new Guangzhou facility comes online, the output at the new plant will be 130,000 plates, more than double of its current 60,000 plates.
It went on to add, the production of large-sized OLED display panels would cater to rising domestic demand for large screen television sets.
Incidentally, LG Display is the world’s top LCD maker for televisions and manufactures nearly all large OLED screens for televisions globally.