Asia Tech Wire (Aug 14) -- LG Display has confirmed the sale of its last remaining LCD plant to Chinese consumer electronics company TCL Technology, according to BusinessKorea.

TCL CSOT, a subsidiary of TCL, bought the Guangzhou-based Gen 8.5 liquid crystal display (LCD) plant, which began operations in the second half of 2014.

This is the final step in LG Display's efforts to accelerate its shift to OLEDs and marks a major shift in the company's layout in the LCD market.

The move could result in LG Display's LCD market share falling to 4.2% this year from 6.2% in 2023, and is due to drop to 1.8% in 2027.

The South Korean panel maker said earlier this month that it has selected TCL CSOT as the preferred bidder for its stake in the Guangzhou plant and will open exclusive negotiations.

Before closing the sale, LG Display held a 70% stake in the plant, with Chinese TV maker Skyworth owning 10% and the Guangzhou government holding the remaining 20%.

In May, news broke that TCL CSOT had made a 2 trillion won takeover bid, planning to buy both LG Display and Skyworth's holdings in the plant.

LG Display is accelerating the implementation of its business transformation, shifting its strategic focus to the small and medium-sized OLED business for high-end customers such as Apple.

To this end, the company plans to invest in the 6th or 8th.6th generation OLED production line in the future in order to occupy a more favorable position in the OLED market.