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LG to invest 8.7 billion in new OLED plant
LG Display said in August that it would invest more than KRW 10 trillion (USD 8.7 billion) in expanding production of large-size OLED panels, flexible OLED panels and premium LCDs by 2018.
The company will now invest KRW1.84 trillion (USD 1.6 billion) to begin building a new OLED panel plant in Paju, Gyeonggi Province, Korea, with production expected to commence in the first half of 2018. The company decided on the new plant, known as P10, because of anticipated demand for OLED panels over the next several years. The P10 plant will mainly produce both large-size OLED TV panels and flexible OLED panels for smartwatches and automotive displays. The KRW1.84 trillion (USD 1.6 billion) investment covers the construction of the P10 building, the foundations for the clean rooms and infrastructure for water and power supplies and will begin this year. The total investment in the P10 plant is expected to reach more than KRW 10 trillion (USD 8.7 billion), and with LG Display gradually expanding the scale of the production line based on customer demand and market conditions. The completed plant will cover an area of 382 meters x 265 meters, which is equivalent in size to 14 football fields, and will be 100 meters high. Plans call mostly for the installation of large size OLED lines that will be 9th generation or above along with flexible OLED lines at the new plant. The first production line is scheduled to start mass production in the first half of 2018. The company is expecting the lines will produce OLED in every product segment, including ultra large-size products as well as future products such as flexible and transparent displays. Dr. Sang Beom Han, CEO and President of LG Display said, “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. With the active support of the Korean government, we believe the P10 plant will become the center of the global OLED industry.” IHS, the market research firm, forecasts the global OLED panel market will grow to USD 29.1 billion in 2022 from USD 8.7 billion in 2014.
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