LG Display will initiate its OLED lighting business operations, which was acquired from LG Chem, and focus on promotion as its next growth engine, reported Business Korea.
An official from LG Display said the company made an official launch on Dec. 16, as part of its takeover of the OLED lighting business, which was signed with LG Chem in October. The company acquired the OLED lighting business division operated by LG Chem for 160 billion won (US$135.48 million) and has completed transaction of patents, human resources, and Ochang manufacturing plant in North Chungchong Province.
LG Chem handed over the OLED panel business to LG Display three years after the company took up the challenge of catching display material for TVs in 2012. The group also commented it was more efficient for LG Display, which heads the group’s OLED business, to run the OLED lighting business, rather than LG Chem, which focuses on petrochemicals and secondary batteries.
LG Display will expand its previous business area, to supply its OLED panel components to TVs and mobile products, into the lighting sector, to create synergy effects and strengthen OLED total solutions.
