Benzinga | Apr 1, 2021 04:15PM EDT

Universal Display Reports Extension Of Long-Term OLED Deals With LG Display, No Terms Disclosed

Universal Display Corporation (NASDAQ:OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED(r) technology and materials, and LG Display Co., Ltd. (NYSE:LPL), a global leader in the development and production of innovative display panels, today announced the extension of their long-term agreements with the signing of new OLED Technology License and Material Purchase Agreements. The new extended agreements run for five years. Further details and financial terms of the agreements have not been disclosed.

"We are pleased to announce these new extended agreements with LG Display, which further strengthens our nearly two-decade long partnership," said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation. "Our close collaboration with LG Display began when CRTs were still the primary display technology for TVs. Fast forward to today, and LG Display is leading the revolutionary path for OLED TVs. We look forward to bolstering our robust working relationship with LG Display on their leading-edge OLED panels through UDC's OLED technologies and energy-efficient, state-of-the-art phosphorescent materials."