Samsung Display has sold its LCD plant in Suzhou, China, insiders reveal. The main buyer is the local company CSOT which is owned by TCL, the conglomerate that also builds the Alcatel smartphones.
The total deal is worth $1.8 billion – 60% of the plant will be owned by CSOT, 10% by its parent company TCL, while the rest 30% will be handed out to the Suzhou government.
The plant produced 27% of Samsung Display’s total amount of LCD panels, with most of them being for monitors and TVs.
This step is a confirmation to earlier reports that Samsung is trying to discontinue its LCD business and will refocus to quantum dot screens.
The Korea Herald reported that the plant has three 8.5-generation production lines and one 11-generation line, the latter planning to begin manufacturing from early next year.
Interestingly enough, the report also revealed Samsung Display reinvested $723 million into TCL-related companies to acquire 12.33% of their shares.