Samsung Display has announced plans to invest $11 billion (approx €10 billion) in the R&D and production of QD-OLED TV panels. It’s worth mentioning that the display business is one of the three main pillars of the company, including smartphones and chipsets.
The South Korean tech giant made this announcement at an event recently which was attended by the Korean President Moon Jae-in and Samsung Electronics Vice-Chairman Jay Y Lee in the city of Asan, South Korea.
According to the company, out of the total investment, $8.4 billion (approx €7.5 billion) will be used to spend on upgrading facilities, while the rest of the investment will be used to develop next-gen displays such as the Quantum Dot LEDs.
Notably, the production will start from 2021 with an initial monthly capacity of 30,000 panels larger than 65 inches. Gradually, the production will then scale up from there, with a long-term development plan that stretches out to 2025. This investment will help create 81,000 jobs, as well.
At present, Samsung is battling oversupply issues amid slower LCD demand for both TV and smartphones. Having said that, the company runs six display manufacturing lines, including one LCD line in China. Samsung had suspended the LCD production line last month.
“Our company plans to overcome the crisis of the large-scale display industry through active investments,” said Samsung in a statement.
Samsung and its home rival LG Display Co. is struggling with a surge of competition from Chinese suppliers, including BOE Technology Group Co. Samsung’s heir Lee has promised to invest in the display business for the long term.
Main image credit: Samsung
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