LG Display To Invest $1.6 Billion To Build new OLED Panel Plant in Korea

LG Display will invest 1.84 trillion Korean won ($1.59 billion) to build a new OLED panel plant in Paju, Gyeonggi Province, South Korea, with production expected to begin in the first half of 2018, it said in a Friday announcement. The new plant, called P10, will produce mainly large-size OLED TV panels and flexible OLED panels for smartwatches and automotive displays, the company said. The initial investment covers only the construction of the building and its infrastructures; LG Display anticipates eventually spending more than 10 trillion Korean won ($8.6 billion) to upscale P10's production line, “based on customer demand and market conditions,” it said. The completed plant will occupy an area equivalent to 14 football fields, it said. “TV manufacturers in Korea, China and Japan have already launched OLED TV models and more TV manufacturers in Japan and Europe are expected to adopt OLED TVs in the near future,” it said. “Demand for flexible OLED panels in the smartwatch and automotive display sectors is also rising because they offer better design flexibility than LCD panels.” LG Electronics has been OLED TV’s only prominent global advocate, though Panasonic at the last IFA show in Berlin announced plans to deliver a 65-inch 4K OLED TV in Europe (see 1509020025).