LG Display, a leading global panel-maker, is pushing its drive for organic light-emitting diode panels as it plans to invest in constructing additional factory lines at its Paju, Gyeonggi Province, plant this year, according to news reports Wednesday.

“LG Display will newly invest around 800 billion won ($729 million) in the E4 production lines for OLED panels in Paju,” Han Sang-beom, chief executive of LG Group’s display business unit, told reporters at a conference held by the Korean government on the day.

“LG Display’s combined monthly production of OLED panels will reach 34,000 units this year,” he added.

The new investment plan came after LG Display spent 800 billion won on the E4 OLED panel production division in Paju in 2013.

The E3, another division of the Paju plant which has been in operation since 2013, currently churns out 8,000 OLED panel sheets.

E4, which began operating in November, will produce 26,000 sheets once construction of the additional lines is completed.

LG previously said it would target the high-end TV market backed by its 77-, 65- and 55-inch ultra-OLED models.

OLED technology, which is more advanced than liquid crystal display as it produces light on its own and eliminates the need for a backlight unit, is seen as the company’s future growth engine.

Its high production cost, a major drag for OLEDs, is expected to decline further as LG Display, the world’s biggest OLED manufacturer, will likely increase production of the high-value-added component.

Samsung Display also has invested 4 trillion won since last year into its new OLED plant under construction in Asan, South Chungcheong Province, which will supply panels for division its wearable devices and tablet PCs.

By Kim Young-won and news reports (wone0102@heraldcorp.com)