Posted Mon Jan 26, 2015 at 04:30 PM PST by Steven Cohen
The agreement will allow LG to license and source OLED related technology and materials.
LG and Universal Display have detailed a long-term OLED patent license and supplemental material purchase contract. The deal will run through December 31, 2022.
"We are excited to enter into these agreements with our long-term partner LG Display, a global technology innovator who is leading the charge for OLED TVs, evidenced by its recent CES showcase of new 4K models ranging from 55", 65" and 77" in flexible, curved and flat form factors," said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation. "The growth of our relationship demonstrates the continued acceptance of our OLED technology and phosphorescent materials by the display industry for cutting-edge, high performance, energy-efficient commercial OLED displays. We look forward to the continued collaboration in support of LGD's advancements in expanding the thriving OLED product roadmap, including the advent of new form factors that redefine what a display can and will be."
As part of the agreement, LG will attain non-exclusive license rights under patents owned or controlled by Universal Display to manufacture and sell OLED display products. In return, LG will pay Universal Display fees and royalties on the sale of these licensed items. In addition, Universal Display will also supply phosphorescent materials to LG.
"This is a win-win partnership for both companies. We expect this strategic alliance with Universal Display will bring synergies in accelerating the growth of OLED technology, and based on strengthened OLED business, LG Display is committed to deliver differentiated products to customers and the market," said Sang Deog Yeo, President and Head of OLED business unit of LG Display.
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