LG makes major investment in next-gen OLED panels
LG Display announced last week that it will make a major investment to expand future growth of its OLED display technology. LG said it will pump KRW 1.84 trillion (roughly $1.59 billion U.S. dollars) into a project that will result in a new panel plant in Paju, Gyeonggi Province, Korea. Construction of new panels at the yet-to-be-built plant is expected to begin during the first half of 2018.
LG said that it decided on the new plant, which is being called P10, because of anticipated demand for OLED panels over the next several years. The new P10 plant will mainly produce large-size OLED TV panels and flexible OLED panels for smartwatches and automotive displays, according to LG.
The investment by LG will cover the construction of the P10 plant, the foundations for the clean rooms, and infrastructure for water and power supplies. Construction will begin this year, LG said. The completed plant is expected to be the size of about 14 football fields and will be roughly 100 meters high.
“LG Display’s investment in P10 Plant is a historical investment for the industry since it will not only help expand the OLED market but also accelerate the development of future display technologies,” LG Display CEO and President Dr. Sang Beom Han said in a statement. “With the active support of the Korean government, we believe the P10 plant will become the center of the global OLED industry.”
LG expects that the P10 plant will produce OLED in every product segment including ultra large-size products as well as future products like flexible and transparent displays.
This major investment announcement is just the latest in a string of commitments made by LG to its OLED technology. In August, the company said it would invest more than KRW 10 trillion ($8.63 billion) in expanding production of large-size OLED panels, flexible OLED panels, and premium LCD panels by 2018.