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The South Korean manufacturer has settled on concrete plans for building mega-factories specializing in the production of OLEDs and future flexible displays. The equivalent of approximately 1.5 billion Euros will be spent on a new factory in the city of Paju in the Gyeonggi-do province.

Another 8.2 billion Euros will be spent on the newly constructed P10 plant, which is scheduled for operation in the first half of 2018. The P10 factory is about 1.5 times larger than the P9 plant and reaches over 100 meters in height. Chief executive of LG Display Han Sang-beom made the announcement during a press conference in South Korea.

LG will start the new year with a ceremony for the new P10 production facility. The manufacturer is hoping to become the leading company in the production of both extra-large OLED panels and flexible OLED products with transparent displays. The factory will also create up to 350,000 new jobs.

As reported earlier, Apple may be switching over to OLED panels for its iPhones starting 2018, which lines up very well with the current P10 schedule. Eventually, larger displays such as those for TV sets may switch to OLED panels once they become more affordable. Wearables like the Apple Watch are already carrying OLED screens. Both Samsung and LG had previously announced multi-billion Dollar investments into OLED R&D.