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| LG Chem Vice Chairman Shin Hak-cheol, right, poses with Marc Doyle, CEO-elect of DuPont, during a ceremony for the transfer of the latter's soluble OLED technologies to the former, at LG Twin Tower in Yeouido, Seoul, March 29. / Courtesy of LG Chem |
By Baek Byung-yeul
LG Chem has acquired key technologies used for producing soluble organic light emitting diodes (OLED), a core platform for next-generation displays, from American chemical firm DuPont, the chemical and battery making affiliate of LG Group said Tuesday.
"With this acquisition, we could secure every technology related to the soluble OLED materials. DuPont has developed its cutting-edge technologies in the sector for about 20 years," LG Chem said. The two firms agreed not to unveil the cost of the acquisition and had an acquisition ceremony in Seoul on March 29.
LG Chem said the OLED industry is heading towards soluble OLED displays, which uses inkjet printing technology.
Compared to the current display manufacturing technologies that use evaporative processes, manufacturers using the soluble OLED display materials can produce high-performance displays economically while reducing material waste.
The firm said the acquisition is to improve its technological capabilities in soluble OLED materials. With the core technologies acquired from DuPont and its existing technology capabilities, LG Chem plans to establish sustainable supply chains for soluble OLED materials and preoccupy the market.
LG Chem expects major display manufacturers to begin mass producing soluble OLED displays in the next five years.
The acquisition deal came a day after the firm set up a new business unit that supervises production of high-tech materials. The new division will focus on producing high-functioning engineering plastic materials, materials for display and other industrial materials.
"With this acquisition, LG Chem now has the world's best competitiveness in the soluble OLED material sector. We will try to provide the best quality products to our customers," Shin Hak-cheol, vice chairman of LG Chem, said in a statement.
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