Samsung Display has confirmed that it will cease all production of LCD panels in South Korea and China by the end of 2020.
Samsung Display, an arm of South Korean tech giant Samsung Electronics revealed in October that it was suspending one of its two LCD production lines due to dwindling demand for LCD panels. The company said it would invest 13.1 trillion won ($10.72 billion) in facilities and research to upgrade a production line, in a bid to combat oversupply amid low global demand for smartphones and TVs.
The investment for the next five years will be focused on converting one of its South Korean LCD lines into a facility to mass produce more advanced “quantum dot” screens.
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In a statement, the company said: “We will supply ordered LCDs to our customers by the end of this year without any issues.”
The company runs two LCD production lines at factories in South Korea and two LCD-only factories in China.
Samsung has not yet decided on the future operation of its factories in China, said the spokeswoman.
Earlier this year, rival firm LG Display declared that it will also halt domestic production of LCD TV panels by the end of 2020.