LP Display Grabs Samsung To Jump Out Of Deepening Losses Trail: Report
- LG Display Co Ltd (NYSE: LPL) reportedly disclosed the deal to supply high-end TV panels to Samsung Electronics Co Ltd (OTC: SSNLF) starting this quarter.
- LG Display will initially supply 77-inch and 83-inch white OLED (WOLED) TV panels and will boost shipment gradually, as per Reuters.
- In the coming year, the flat-screen maker aims to deliver 2 million units and raise shipments to 3 million-5 million units in subsequent years.
- As per the report, the deal may bring back LG display on the profit lane and can drive Samsung to become the world's second-largest OLED TV supplier surpassing Sony Grup Corp (NYSE: SONY).
- Also related: LG Display Clocks 17% Revenue Decline In Q4 As Panel Shipments Hit By Macroeconomic Conditions
- According to analysts, the shipment of 2 million OLED panels may be worth around $1.5 billion.
- Also, the analysts believe the shipment can account for about 20%-30% of the large-sized OLED panels manufacturing capacity, resulting in complete utilization of the facilities, which had been running low due to weak TV demand.
- Price Action: LPL shares closed higher by 2.34% at $5.69 on Monday.
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