This excerpt taken from the LPL 6-K filed Jun 24, 2009.
LG Display Forms Strategic Alliance with Idemitsu Kosan for AMOLED
Seoul, Korea (June 24, 2009) LG Display Co., Ltd. [NYSE: LPL, KRX: 034220], a leading innovator of thin-film transistor liquid crystal display (TFT-LCD) technology, announced today that it has formed a strategic alliance with Idemitsu Kosan Co.,Ltd., a provider of world-class OLED materials based in Japan. The alliance is in line with LG Displays strategy to raise its competitiveness in the OLED business.
The strategic MOU includes technology development and cross license regarding patented technologies related to OLED. The two sides agreed to cooperate to develop high performance OLED displays. On the 24th, Vice President Byung-chul Ahn, who heads the OLED Business at LG Display, and Yoshihisa Matsumoto, Executive Director of Electronic Materials Department at Idemitsu, signed the agreement at Idemitsus head office in Tokyo, Japan.
The agreement enables LG Display to secure a stable source of OLED materials including device structure proposal, allowing the company to reinforce research, development and manufacturing of OLED products. This will accelerate the growth of LG Displays OLED business, which is emerging as a new growth engine. Idemitsu will benefit from securing a global display leader as a customer by supplying high-performance OLED material to LG Display and cooperating in technology development and commercialization.
Dr. Ahn said, The agreement will not only fortify LG Displays OLED business, but it will contribute significantly, to our ability, to respond to the mid to large-sized OLED market of notebook PCs and TVs over the mid to long-term. We have high hopes that this win-win relationship will bring major synergies to our respective OLED business.
Dr. Matsumoto said, We are very proud to forge a strategic alliance with industry leader, LG Display. Through this agreement, we expect to consolidate a cross and tight relationship with LG Display and further strengthen Idemitsus OLED technology and Business.
According to market research firm DisplaySearch, the global OLED market is forecasted to grow from USD1.05 billion in 2009 to USD3.33 billion by the end of 2010.