LG Display, one of the world's largest flat panel producers, disclosed an investment plan to produce new OLED panels from its Guangzhou plant in China to cope with strong global demand.
The company's board approved an investment of 1.8 trillion won (1.6 billion US dollars) to set up a joint venture plant for 8.5-generation OLED TV panels at its existing LCD plant in Guangzhou.
It was part of the company's total investment of 15 trillion won by 2020 to build facilities for large OLED and mid-sized plastic OLED (POLED) panels, LG Display said, citing the popularity of new OLED panels released this year and rising demand for POLED panels for smartphones and cars.
The company said its second-quarter net profit stood at 736.6 billion won, compared with a net loss of 83.9 billion won a year earlier. Operating profit rose to 804 billion won from 44.3 billion won while sales rose 13 percent on-year to 6.6 trillion won.
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