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LG Display investing £420m in next-gen OLED panel production

LG Display has announced that it plans to invest 706 billion Korean won (£420 million) to establish a next-generation display panel production line.

The manufacturing line will be in the company’s P9 factory in Paju, South Korea, where it plans to make eighth-generation OLED TV panels at a capacity of 26,000 per month. Mass production of the new 8G panels will kick off during the first half of 2014, the company said.

Despite a recent downturn in the display market, analysts predict growth in the OLED TV sector, which is expected to be worth $3 billion (£1.9 billion) by 2015.

LG unveiled its first OLED screens at CES 2009, but the costs associated with manufacturing the panels prevented the company from launching large-scale production. The company’s current 55in OLED HDTV is priced at $12,000 (£7,700), though that’s a figure that could very well drop in the wake of the mass production of 8G OLED panels.

LG’s primary competitor in the OLED television business is Samsung, which showed off its own 55in OLED TV at CES earlier this year.