Samsung Display plans $11 billion investment in the South Korean LCD plant-report

FILE PHOTO: The logo of Samsung Electronics is seen at its office in Seoul, south korea, south africa, South Korea, January 7, 2019. REUTERS/Kim Hong-Ji/Photo File

SEOUL (Reuters) – Samsung Display plans to spend 13 trillion won ($11 billion) to upgrade from a South Korean liquid crystal display (LCD) plant is able to produce more and more advanced display screens, Yonhap news agency reported on Tuesday.

Samsung Display, a unit of Samsung Electronics Co Ltd and Apple Inc supplier, is pleased to announce that its investment in the next month, Yonhap said, citing unidentified industry sources. It is not the name of a time period for the initial investment.

A spokesperson from Samsung Display has two LCD manufacturing sites in South Korea and one in China, and said that nothing had been decided in their future investment plans.

The south Korean panel makers have struggled to get going in the middle of the slow LCD of demand for TVS and smartphones and rising competition from Chinese rivals and a shift away from big customers, to the organic light-emitting diode (OLED) panels.

In August, Samsung Display said it was looking into the suspension of one of its South Korean LCD manufacturing lines due to a supply glut.

LG Display announced last week a voluntary redundancy programme in the domestic production line workers, amid mounting financial losses.

Samsung Electronics has said that it will spend 500 billion won to the display of goods, during the April-June quarter of the year.

Reporting Heekyong Yang; Editing by Edwina Gibbs

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