LG Display cuts vendors’ stakes, axes jobs for turnaround

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LG Display cuts vendors’ stakes, axes jobs for turnaround - Korea Economic Daily

Quick Summary:

The display maker of South Korea’s fourth-largest conglomerate LG Group sold 250,000 shares of Avatec for 4.1 billion won ($3 million) to cut its stake in the manufacturer of liquid-crystal display (LCD) glasses, display filters and indium tin oxide coating products to 9.63% from the previous 11.23% during an after-hour trading session on July 19.

LG Display was forecast to narrow its operating loss to 350 billion won this year from the deficit of 2.5 trillion won in 2023 thanks to such restructuring measures amid a recovery in the global OLED sector, industry sources said.“The company is likely to turn to the black next year for the first time in four years, given the further recovery in the sector and the restructuring’s impact,” said one of the sources.

LG Display shed 455,000 shares of YAS during the regular trading hours on July 17-22 to reduce its stake in the organic light-emitting diode (OLED) post-processing technology developer to 9.83% from 13.13%.