LG Display to back $8.7 Billion in Oled Plant, South Korea

LG Display, a huge manufacturer for a wide range of monitors and panels, has decided to design something new. It has just thought of producing an Organic light-emitting diode (Oled) displays, anticipating a surge in demand for the ultra-high-definition technology. For such a thoughtful idea, the company is planning to back $8.7 billion in its manufacturing plant in South Korea. The figure is close to $9 billion (roughly Rs. 59,969 crores) for the plant to take place.

The company said, "Total investment in the plant, to be built in Paju near the border with North Korea, is expected to top KRW 10 trillion (roughly Rs. 58,036 crores)". It is estimated that the expenditure in the first stage would be KRW 1.84 trillion, with production scheduled to begin in the first half of 2018.

LG Display CEO Han Sang-Beom hailed what he called an "historical investment" that would make the plant the "centre of the global Oled industry." The company for now is the world's largest LCD panel producer, but is planning for a shift for some time to a more advance technology.

With further statement, he explained the benefits of using an Oled display as, Oled screens deliver a more vivid picture quality, consume less electricity and promise wider profit margins than the liquid crystal display (LCD) in common use.

With the exact figure, it has been quoted that, Apple is the biggest customer of LG Display, accounting for about 25 percent of sales. Citing market research firm IHS, the company said the global Oled panel market was forecast to grow to $29.1 billion (roughly Rs. 1,93,900 crores) in 2022 from $8.7 billion last year. Much of the reports also claimed that Apple would adopt the same technology in iPhone form 2018. Further, the South Korean rival is dominating the Oled phones and is still supplying the ultra-thin displays to the market.