Iljin Display Expands Production in Vietnam... Initiates Structural Improvement

Touchscreen Panel Division Undergoes Intensive Restructuring
Main Production Base Relocated to Vietnamese Subsidiary 'VINA'

[Asia Economy Reporter Kim Cheol-hyun] Iljin Display (CEO Kim Ki-hwan) announced on the 28th that it has stopped its three-year streak of losses and has started structural improvements to turn profitable.

Iljin Display produces sapphire ingots and wafers, which are basic materials for LEDs, as well as touch screen panels (TSP) for tablet PCs and laptops.

However, due to oversupply in the LED industry and rapid changes in the touch screen panel market, the company experienced losses for three years. The company explained that it is implementing intensive restructuring of the touch screen business division, which has a large deficit, to normalize management by the end of 2022, and plans to complete it by the end of the year.

The touch screen panel (TSP) business plans to reduce operations at the less competitive Pyeongtaek plant and utilize the existing production base in Vietnam for full-scale mass production. Additionally, the sapphire business division plans to expand the market in preparation for the growing demand for high value-added, high-quality wafers due to the expansion of the mini LED market.

Kim Ki-hwan, CEO of Iljin Display, said, "On the 20th, we announced a plan to raise a total of 30 billion KRW through a paid-in capital increase," adding, "These funds will be used for operations, debt repayment, and facilities to establish a foundation for turning profitable in 2022."

This content was produced with the assistance of AI translation services.