Idemitsu Kosan, a Japanese Organic Light Emitting Diodes (OLED) manufacturer, will establish its production facilities in Paju City, Gyeonggi Province.
A total of 30 billion won ($26 million) will be injected into construction of the factory, which is scheduled for completion in November. The company will initiate commercial production in January 2013, in what will be its first ever production of OLED products outside Japan.
Idemitsu Kosan signed an investment agreement with Gyeonggi at the Asia Publication Culture and Information Center last year.
The Japanese company is a patent holder for OLED, a self light-emitting diode that operates even at low voltage and can be produced in a thin film form and, which is emerging as a next-generation material for global consumer electronics companies.
The company, which boasts a long history of 101 years and has some 8,200 employees, posted $46 billion in annual sales in 2010.
Paju expects that the investment will enhance its global profile as a global display hub.
"The production facilities will contribute to the development of not
only the display industry but also the semiconductor, solar cell and light industries,"
said a Gyeonggi official.
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Source: Yonhap News (Apr. 2, 2012)