LG Display pursues shared growth with suppliers
LG Display Vice Chairman Han Sang-beom, fifth from left, poses with chief executives of the company’s key partners and LG executives at the Best Supplier Award ceremony at Konjiam Resort, Gyeonggi Province, Monday. / Courtesy of LG Display
By Kim Yoo-chul
LG Display said Monday that it will expand programs to benefit its first-tier suppliers in accordance with the group-wide strategy to pursue shared growth with local and overseas small and medium-sized enterprises (SMEs).
In a statement, the world’s biggest display supplier said it held a “Best Supplier Award” event at Konjiam Resort in Gwangju, Gyeonggi Province, a move aimed at recognizing the achievements of the company’s partners.
“LG Display’s top priority is to strengthen the competitiveness of its local and overseas partners, to help them boost their R&D capacity and improve communication,” said LG spokesman Frank Lee in a statement.
The award winners at the event included Jusung Engineering, KC-Tech, JSR of Japan and Tokyo Electron.
Key LG Display attendees included Vice Chairman Han Sang-beom, chief production officer Jung Cheol-dong and chief technology officer Kang In-byeong.
LG vowed to level up collaboration with its partners to take on the looming challenges that need to be addressed this year, in the face of a negative outlook in the global display industry due to weak demand and continued oversupply.
The statement said a special session was also held under the theme of “leadership in an era of crisis” with a lecture by Yonsei University Professor Chung Dong-il.
“The participants also shared time with LG Display’s head of market intelligence Ko Kyu-young on how to tackle challenges effectively and efficiently throughout this year,” said the spokesman.
LG Display said close collaboration with partners is the key to expanding its current leadership beyond conventional LCDs to the OLED market, which the company identified as its next revenue stream.
The statement said LG will pay out about 500 billion won in transaction fees ahead of next week’s Lunar New Year holiday as part of its shared growth initiative.
So far, the company has spent 546 billion won on suppliers via its shared growth fund, and it has been handling key pending issues via the winwin.lgdisplay.com portal site.