LG Display Withdraws Plan to Sell Automotive LCD Module Business in Nanjing, China
Deal with Toprun Total Solution Falls Through
LG Display has withdrawn its plan to sell the automotive LCD module business of its Nanjing subsidiary in China.
On September 23, LG Display announced through a public disclosure, "Although we continued discussions on the details of the main contractual terms, we were unable to reach a final agreement and have decided to withdraw the decision to transfer the business."
Previously, in February, LG Display had entered into a contract to transfer the automotive LCD module segment of its IT and automotive LCD module business at the Nanjing subsidiary to its major partner, Toprun Total Solution Nanjing, for 491.5 million yuan (approximately KRW 104 billion). Through this sale, the company intended to streamline non-core assets and accelerate the shift to a high-value-added business structure focused on organic light-emitting diode (OLED) technology.
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