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LG Display says to invest in new OLED lighting panel plant

Reuters
People walk past a LG Electronics logo during the Mobile World Congress in Barcelona, Spain February 25, 2016. REUTERS/Albert Gea

SEOUL (Reuters) - Consumer electronics screen maker LG Display Co Ltd said on Thursday it will build a new production plant that will manufacture organic light-emitting diode panels for its lighting business in South Korea.

LG Display said in a statement the new plant will begin mass production in the first half of 2017. It did not disclose how much it plans to invest in the facility.

The investment comes as the firm seeks to find more applications for the next-generation panel technology beyond televisions and mobile devices. Market researcher UBI Research says the OLED light market will grow to $1.6 billion in 2020 from $135 million this year.

(Reporting by Se Young Lee; Editing by Stephen Coates)