Guangzhou SOE and LG partner for $6.7billion display-panel plant
GUANGZHOU - LG’s planned Guangzhou display-panel factory will be 30% owned by joint-venture partner Guangzhou-Kaide Technologies Development Co., sources close to the matter told Caixin. The South Korean home-appliances giant announced on Tuesday that it would build a facility to produce large-panel organic light-emitting diode (OLED) displays in Guangzhou’s Economic and Technological Development Zone.
LG’s official announcement said it was providing 70% of a RMB15.7 billion (US$2.33 billion) investment in the factory, but did not specify who would provide the remaining amount.
The project will eventually involve a total investment of about RMB45 billion, (US$6.7 billion) sources close to State-owned Guangzhou-Kaide told Caixin.
The display panels will be used in TV screens and electronic billboards. LG said. OLED panels are expected to replace LCD panels in the near future as they offer better image quality and have the advantage of being flexible and even foldable. www.webershandwick.cn (ATI).