Universal Display and LG Display announce entry into long-term OLED patent license
The OLED experts at Universal Display Corporation (Ewing (NJ), USA) have signed a new OLED technology license agreement and supplemental material purchase agreement with LG Display Co., Ltd., a leading developer of display technologies based in Seoul, South Korea. The contract will run through December 2022.
The recent announcement builds on a long-term relationship between the two companies. Universal Display grants LG non-exclusive license rights under various patents owned by Universal Display to manufacture and sell OLED display products. LG, on the other hand, will pay Universal Display license fees and running royalties on its sales of these licensed products over the term of the agreement. Additionally, Universal Display will supply phosphorescent materials to LG Display for use in its licensed products.
“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 the strengthened OLED business, LG Display is committed to deliver differentiated products to customers and the market,” says Sang Deog Yeo, president and head of the OLED business unit of LG Display.