LG Display to sell stake in its Chinese LCD plant to TCL CSOT for $1.5 bln (updated)

LG DISPLAY

26/09/2024 10:01

(Adds details)
       SEOUL, Sept 26 (Reuters) - South Korea's LG Display
 034220.KS  said on Thursday it had agreed to sell its stake in
its large liquid crystal display (LCD) plant in Guangzhou,
China, to TCL's  000100.SZ  LCD unit CSOT for 10.8 billion yuan
($1.54 billion). 
    The sale includes LG Display's 80% stake in its large LCD
panel plant and 100% of its LCD module plant, and is expected to
be completed in March 2025, the Apple  AAPL.O  supplier said in
a statement. 
    The move is meant to better focus its business on its
organic light-emitting diode (OLED) operations, LG Display said,
in which it is more competitive than in the saturated LCD
market. 
    Analysts have said a sale would help LG Display's financial
structure, after it reported several quarterly losses last year
and this year on weaker demand for gadgets that use display
panels.
    ($1 = 7.0173 Chinese yuan renminbi)

 (Reporting by Hyunsu Yim and Joyce Lee; Editing by Ed Davies
and Mark Potter)
 ((Hyunsu.Yim@thomsonreuters.com;))