LG Display to invest $657 million in OLED industry

LG Display, which is currently the only manufacturer of organic light emitting diode (OLED) panels, said it plans to boost production with a cash injection of $657 million.

In a statement Monday, the panel maker said that it would invest 706 billion won ($656.7m) in expanding its OLED panel product range, and that mass production for the firm's latest offering is due to begin in the first half of 2014.

LG Display's Paju plant, located within the Gyeonggi Province, South Korea, will host the new product range manufacturing.

According to a spokesperson, the production line will include mother glasses that are large enough to cater for OLED panels present in 55-inch television screens.

The investment suggests that LG Display is ramping up its efforts to compete with other high-end electronics makers. Samsung, a local rival, also recently launched a 55-inch OLED television set in January this year, and debuted a "curved screen" set at the Consumer Electronics Show in tandem with LG Display, both firms touting the product as "the world's first" curved OLED set. The curvature is meant to enhance viewing and even potentially provide an "IMAX" feel.

Both firms probably chose CES 2013 to try and gauge consumer interest in enhancing picture quality and viewing through this more sophisticated display technology, so its unlikely we will see curved OLED screens in our living rooms any time soon. However, as competition ramps up in the higher-end consumer electronics market, it seems obvious both Samsung and LG Display see a future for OLED panel technology.