LG Display, a major display panel maker in South Korea, said on Tuesday it will invest 3.3 trillion won ($2.8 billion) to expand its medium-and-small sized OLED display production capacity.

The company said the investment, which will be made through March 2024, will be used in OLED facilities in South Korea that manufacture sixth-generation (1,500mm x 1,850mm) substrates.

LG Display is the world’s sole supplier of large-size OLED panels for TVs, but its competitiveness in the medium-and-small sized OLED sector is relatively weak.

In the smartphone OLED panel, LG Display had a 10.6 percent revenue share in the first quarter of the year, far behind Samsung Display Co.’s 73.7 percent share, according to market researcher DSCC, reports Yonhap news agency.

Industry observers said the investment is expected to help LG Display to produce 60,000 medium-and-small sized OLED sheets per month at its plant in Paju, north of Seoul.

LG Display reported 6.96 trillion won in sales and 701.1 billion won in operating profit in the second quarter of the year.

In a conference call last month, the company said it is reviewing a plan to expand the capacity of its plastic OLED panels.

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