Aiming to beef up its technological prowess in the world’s organic light emitting diode industry, LG Display, a leading Korean display manufacturer, has agreed to expand its alliance with Japanese display materials firm Idemitsu Kosan, according to the Korean display maker Friday.
The expanded alliance includes closer cooperation in developing OLED technology and sharing related technology patents.
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| LG Display president Yeo Sang-deok (left) and Yoshihisa Matsumoto, executive vice president of Idemitsu Kosan, pose at the signing ceremony for business alliance held in Tokyo on Thursday. (Idemitsu) |
“With the latest deal with its Japanese partner, LG Display will be able to gain traction in the field of flexible and transparent OLEDs and accelerate the growth of the OLED TV market,” said Yeo Sang-deok, president of LG Display’s OLED business unit.
The display business wing of LG Group is expected to benefit from high-performance OLED materials developed by Idemitsu in developing OLED display technologies.
The signing ceremony of the extended strategic alliance was held Thursday at the head office of the Japanese firm in Tokyo.
LG Display released large-size OLED TVs for the first time in the world in 2013, while Idemitsu started developing OLED materials in 1985.
Market research institute DisplaySearch forecast that the world’s OLED TV panel market will grow from $430 million this year to $7 billion by 2021.
By Kim Young-won (wone0102@heraldcorp.com)
