Benzinga | Aug 31, 2021 09:34AM EDT

LG Display Invests Additional $1.4B In Vietnam Factory: Reuters

* LG Display Co Ltd (NYSE:LPL) has won a license from the Vietnam government to ramp up investment in the northern port city of Haiphong by $1.4 billion, reaching $4.65 billion in total investment, Reuters reports.

* The investment aims to drive LG's OLED display output at the Haiphong factory to 13 million - 14 million units per month, from 9.6 million - 10.1 million monthly units.

* The additional investment can generate 10,000 new jobs and create export revenue of $6.5 billion a year.

* LCD panel prices drove LG's Q2 beat. It held KRW 4.2 trillion in cash and equivalents at the end of Q2.

* Price Action: LPL shares traded higher by 0.79% at $8.88 on the last check Tuesday.