The cash will be spent in South Korea and will represents an expansion of LG's OLED efforts. Specifically it will create dedicated OLED lighting production line. 

This money is extra to the $920 million the firm committed in July 2015 for building its fourth organic light-emitting diode factory in the city of Gumi, about 200 kilometers southeast of Seoul.  All this means that the company should be churning out OLED screens fast enough to keep the cost down. If its cunning plan works out, then we should see prices on OLED screens drop to acceptable levels to enable the technology to take off.

LG has nine facilities spread between South Korea, China, and Poland, LG Display is among the company's largest businesses, employing 49,000 people in its headquarters alone. 

All this investment is rather brave. LG's recent quarterly report highlighted a 99 per cent year-on-year profit decline, with "heavy investments by Chinese LCD makers" and "weak technology demand" given as reasons for under-performing.

For the second quarter, LG forecasts a mid-single digit percentage increase as global sports events will drive sales, in addition to an increase in new product shipments.