July 10, 2018 / 8:21 AM / 8 months ago

S.Korea's LG Display says China approves its OLED factory plan

SEOUL, July 10 (Reuters) - South Korean LG Display Co Ltd’s plan to build a new organic light-emitting diode (OLED) panel production facility in China has been approved by the Chinese government, a company spokeswoman said on Tuesday.

The new China production facility will be established through a joint venture with 2.6 trillion won ($2.33 billion) in capital, of which LG Display will hold a 70 percent share.

In December 2017, South Korea’s trade ministry gave a go-ahead to the display panel maker’s plan.

LG Display is the world’s No. 1 LCD maker for televisions and also manufactures nearly all large OLED screens for televisions globally. ($1 = 1,114.6000 won) (Reporting by Heekyong Yang; Editing by Muralikumar Anantharaman)

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