UPDATE 1-LG Display to sell stake in its Chinese LCD plant to TCL CSOT for $1.5 bln

Reuters09-26 17:01

(Adds details)

SEOUL, Sept 26 (Reuters) - South Korea's LG Display

said on Thursday it had agreed to sell its stake in its large liquid crystal display $(LCD.AU)$ plant in Guangzhou, China, to TCL's LCD unit CSOT for 10.8 billion yuan ($1.54 billion).

The sale includes LG Display's 80% stake in its large LCD panel plant and 100% of its LCD module plant, and is expected to be completed in March 2025, the Apple supplier said in a statement.

The move is meant to better focus its business on its organic light-emitting diode $(OLED)$ operations, LG Display said, in which it is more competitive than in the saturated LCD market.

Analysts have said a sale would help LG Display's financial structure, after it reported several quarterly losses last year and this year on weaker demand for gadgets that use display panels.

($1 = 7.0173 Chinese yuan renminbi)

(Reporting by Hyunsu Yim and Joyce Lee; Editing by Ed Davies and Mark Potter)

((Hyunsu.Yim@thomsonreuters.com;))

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