Seoul: LG Display Co., a global leader in display panel manufacturing, has announced plans to invest 700 billion won (approximately US$515 million) in its domestic organic light-emitting diode (OLED) production facilities. This strategic move underscores the company's commitment to strengthening its position in the OLED market.

According to Yonhap News Agency, the announcement comes shortly after LG Display's recent divestment of its entire 80 percent stake in its large-size display panel and module plant in Guangzhou, China. The stake was sold to China Star Optoelectronics Technology (CSOT) for 2.25 trillion won. CSOT, a subsidiary of the TCL Group, is recognized as a leading supplier of television display panels.

LG Display is considering utilizing the proceeds from this transaction to either expand its existing OLED plant in Paju, located 30 kilometers northwest of Seoul, or to construct a new facility in the same city. This plan was confirmed by a company spokesperson during a phone call.

In addition to investing in OLED production, LG Display intends to allocate part of the proceeds for research and development and operational expenses. This initiative aims to enhance the company's competitiveness and innovation capacity in the OLED sector.

To advance the investment project, LG Display is expected to sign a memorandum of understanding (MOU) with Paju City and Gyeonggi Province next month, marking a significant step in the company's expansion and development efforts.