The development comes at a time when there is a weak demand in the smartphone market. LG is probably aiming to keep its lead in the OLED TV market.
On Tuesday, LG Display stated it would be investing $2.6 billion (3 trillion won) in its organic light-emitting diode (OLED) panels production line in South Korea.
Earlier, LG Display, an Apple supplier, had forecast a tough 2019 as it invests heavily in the OLED panels business midst weak demand for smartphones and tech gadgets. In a statement, LG Display said, it will continue to expand its lead in the OLED TV market.
The company is upgrading its panel business from its mainstay liquid crystal display (LCD) business toward next-generation OLED panels. The LCD panel industry is crowded with Chinese companies.
LG Display is scheduled to report its second-quarter earnings later today.