LG Investing $656 Million in Next-Gen OLED Screens

Firm will produce thinner and more energy efficient displays for televisions.

South Korean technology firm LG has announced that it is investing $656.7 million in forming a next-generation display panel production line.

The manufacturing line will commence at the firm's P9 factory in Paju, South Korea. It is planning to produce eighth-generation organic light emitting diode (OLED) TV panels at a capacity of 26,000 per month.

LG said mass production of the forthcoming 8G panels, which will deliver thinner and more energy efficient displays for televisions, will start sometime during the first half of 2014.

LG is the world's largest flat-screen maker, with Apple being one of its clients. Samsung, its chief competitor in the display market, is selling a television every three seconds.

Although the display market has experienced a decrease in growth recently, analysts predict forthcoming growth in the OLED TV sector, which is expected to be worth $3 billion by 2015.

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