LG Display Inc. said Thursday it will invest 700 billion won (US$788.1 million) in its organic light-emitting diode (OLED) panel production line to beef up its production capacity to meet rising global demand. The company aims to expand its monthly production of the eighth-generation OLED input sheets to 34,000 units at its facility in Paju, north of Seoul, during the second half of the year. An input sheet is used for making six 55-inch TV panels.

"We will consider during the second half of this year whether to invest to add an additional production line (for the screens)," LG Display quoted Chief Executive Han Sang-beom as saying at a meeting with local reporters on Wednesday.

The South Korean firm is also rumored to be the exclusive supplier of screens for the initial batch production of Apple's first smartwatch.