Merck Invests W25 Bil. In OLED Components

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Merck Invests W25 Bil. In OLED Components

Merck is expanding its production capacity for organic light-emitting diode (OLED) materials in an effort to prepare for growing demand in Asia’s next-generation display market, the Germany-based company said Wednesday.

Kim Woo-kyu, center, managing director of Merck Korea, poses with Gyeonggi Province Vice Governor Lee Yong-chul, left, and Pyeongtaek City Vice Mayor Lee Jong-ho, during a memorandum of understanding ceremony at the company’s OLED Application Center in Pyeongtaek, Gyeonggi Province, Wednesday. / Courtesy of Merck Korea

The company said it signed a memorandum of understanding with Gyeonggi Province and Pyeongtaek City to expand production volume of its facility located in Poseung-eup, Pyeongtaek, by investing 25 billion won (around $22.3 million).

With the investment, Merck will be able to improve its production capacity for materials used for manufacturing OLED displays and consequently contribute to the growth of its Korean clients’ OLED businesses.

Kai Beckmann, a member of the executive board of Merck and CEO for Performance Materials, said the Pyeongtaek facility will expand the company’s OLED materials manufacturing capacity and consequently help Korean businesses increase their OLED competitiveness.

“Today, we are proud to announce a new investment of 25 billion won (or 20 million euros) to produce the most advanced OLED materials here at Pyeongtaek to ensure fast delivery to our Korean customers. OLED technology is the fastest-growing display technology enabling next-generation displays,” Beckmann said in a statement.

“By expanding our local manufacturing capacities, we’re well-positioned to efficiently produce and deliver higher volumes of OLED materials. We are well aware that OLED materials have been defined as key materials by the Korean government. Likewise, Merck wants to increase Korea’s competitiveness in the display industry. We see our investment as a contribution to creating an agile supply chain for our customers in Korea.”

Kim Woo-kyu, managing director of Merck Korea, also said the company decided to invest more in the city as the company will be able to cooperate more closely with its partners.

“We are pleased to expand our investment opportunities in Gyeonggi Province to provide better services to large OLED customers,” the managing director said in a statement.

“Gyeonggi is ideal for our investment because of its proximity to our major customers and its favorable location for innovative production, excellent human resources, SMEs and universities.”

Merck said the investment will be used to establish a module-based production system that can conduct sublimation processes, a core procedure in OLED materials production processes. As devices adopting OLED technology such as foldable or rollable displays have been increasing in the market, Merck has been expanding its production capacity in the related sector in Asia to meet the growing demand for OLED materials.

Merck has been a leading company in the OLED technology sector, beginning its research and development activities for the technology 30 years ago. Thanks to its preemptive efforts to invest in the technology, the company has established its status as a global leading company in the OLED materials sector.

Merck set up an OLED research center at its headquarters in Germany in 2010 and its OLED Application Center (OAC) in Pyeongtaek in 2015. Also, its Germany plant has produced OLED materials since 2016.

Source: TheKoreaTimes

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