LG Display's Chinese LCD factory sold to China CSTO for 220 billion yen - South Korean media

Panel giant LG Display (LGD) has sold its stake in a large liquid crystal display (LCD) panel module factory in Guangzhou, China, to Chinese display giant TCL Technology Group.
LGD announced that it has signed an agreement to sell its LCD display business to TCL CSOT, a subsidiary of LG Display. LGD plans to focus on organic light-emitting diode (OLED) displays instead of LCD displays.
The sale price is estimated at 10.8 billion former (JPY 222.899 billion). The LCD panel factory in Guangzhou is owned 70% by LGD, 20% by China's Guangzhou Development Zone, and 20% by a major TV manufacturer.
The joint venture was established by LGD and Skyworth Group, with each investing 10%. On August 13, LGD reduced its stake in Skyworth to 13% in order to simplify the ownership structure.
LGD acquired the shares for 100 billion yen (26.823 billion yen) and took an 80% stake in the module factory that handles the post-processing of LCD panels.
LGD has been downsizing its large LCD business, which has little room for differentiation and is losing its competitive edge, and has been restructuring its business to focus on OLED.
has withdrawn from the LCD business. On the other hand, LGD has stated its intention to continue its hybrid LCD business for IT and automotive use. It will differentiate itself by low power consumption, design, and image quality.
The company plans to focus on high-spec products and improve profitability.