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LG Chem to sell OLED business to affiliate

All Headlines 09:43 October 19, 2015

SEOUL, Oct. 19 (Yonhap) -- LG Chem Co., South Korea's top chemical company, said Monday that it has decided to hand over its organic light-emitting diode (OLED) business to its affiliate as part of efforts to focus on its flagship business.

In a regulatory filing, LG Chem said it plans to sell its OLED business unit to LG Display Co. on Dec. 15, for 160 billion won (US$142 million).

"LG Chem will focus on its material business, while LG Display will develop OLED-based products," said a LG Chem official.

LG Display, which counts Apple Inc. as one of its major clients, has shored up production of its flagship OLED, as well as quantum dot-based panels known for their high color reproduction. The move is to vie with its bigger rival Samsung, which has been pushing its quantum dot TVs.

LG Chem, the country's leading maker of car battery packs, is making efforts to focus on developing high-end chemicals and electric vehicle-related battery packs.

sam@yna.co.kr
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