The final sale price of LG Display's Guangzhou liquid crystal display (LCD) factory, sold to China's TCL, has been confirmed at 2.2466 trillion won, which is more than 200 billion won higher than initially expected.
On the 11th, LG Display announced through the Financial Supervisory Service's electronic disclosure that the sale price for the 8.5-generation LCD factory stake in Guangzhou was decided as such.
Last September, LG Display signed a contract to sell the Guangzhou factory to China Star Optoelectronics Technology (CSOT), a display subsidiary of TCL, with the initially expected amount being 2.0256 trillion won.
The increase in the final amount is attributed to the solid performance of the Guangzhou factory last year and the rise in the Korean won against the Chinese yuan (from 187.56 won to 200.82 won) since the contract signing.
Kim Seong-hyun, Vice Chairman of LG Display, stated at last month's shareholders' meeting that "this year's business results will be reflected in the sale price, so the settlement amount will not decrease."
The factory ownership officially transferred to CSOT earlier this month, and TCL renamed the factory to 'T11' and began production on the 1st. With this factory sale, LG Display has completely withdrawn from the large-sized LCD business.
The sale proceeds are scheduled to be paid in multiple installments within this year, and LG Display plans to use them for facility investments, research and development, and operating expenses to advance its organic light-emitting diode (OLED) business.
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