LG Display is to start the organic light emitting diode (OLED) lighting business, which is acquired from LG Chem, and to focus on promotion as its next growth engine.
An official from LG Display said on Dec. 15, “As the takeover procedure of the OLED lighting business, which was signed with LG Chem in October, has completed, we will make an official launch on Dec. 16.” On the day, the company acquired the OLED lighting business division operated by LG Chem for 160 billion won (US$135.48 million) and completed the transfer procedures of its patents, human resources, and Ochang production plant in North Chungchong Province.
Accordingly, LG Chem handed over the OLED panel business to LG Display three years after the company took an extreme challenge on OLED, which was catching on as a display material for TVs in 2012. It is said that the group also believes that it is more efficient for LG Display, which leads the group’s OLED business, to take on the OLED lighting business, rather than LG Chem, which focuses on petrochemicals and secondary batteries.
LG Display will expand its previous business area, which supplies its OLED panel components to TVs and mobile products, into the lighting sector, helping create synergy effects and strengthen OLED total solutions.