SEOUL, Nov. 27 (Korea Bizwire) - South Korean panel maker LG Display Co. said Friday it plans to invest 1.8 trillion won (US$1.56 billion) in a facility to tap deeper into the organic light-emitting diode (OLED) segment.
Under the plan, the South Korean panel maker will build a new factory in Paju, north of Seoul, which will produce large OLED panels, including flexible models, the company said.
LG Display said the new factory will be the size of 14 football fields and will be 100 meters tall. It is set to be completed in the first half of 2018.
The company said it will spend around 10 trillion won on the new factory over the long haul.
LG Display said in August it will intensify efforts to move its focus on the liquid crystal display (LCD) to the OLED segment and invest more than 10 trillion won through 2018.
The South Korean firm is already building a factory for flexible OLED panels with an investment of 1.05 trillion won in Gumi, 261 kilometers southeast of Seoul. It is expected to start production in 2017.