LG Display CEO said on Wednesday that the company was open to converting its liquid crystal display (LCD) TV production lines in South Korea to those dedicated to OLED.

LG Display CEO Jeong Ho-young, speaking at an event hosted by the Korea Display Industry Association, an organization he is currently the chairman of, told reporters that it will take some time to consider when to convert LCD lines to OLED lines.

The existing LCD lines had the capacity to be converted to manufacture either TV OLED panels or IT OLED panels, Jeong said.

LG Display had said back in July during their second quarter conference call that it was downsizing LCD TV lines that have a limited capacity to differentiate against competitors.

The company said it will halt LCD TV panel production in South Korea within 2023 at the latest.

LG Display currently manufactures LCD TV panels at its P7 line at its Paju facility in South Korea.

Sources said the company is highly likely to convert this line for OLED TV panels down the road.

On LG Display’s outlook for the second half of 2022, CEO Jeong said that he expects an adjustment period due to the unfavorable economic situation.

He expected a difficult third quarter while the situation will improve during the fourth quarter.

On the high inventory levels of display panel makers in general, the CEO said this was mostly caused by factory halts in Shanghai during the second quarter and should be considered a temporary problem. LG Display will aim to normalize this by the end of the year, Jeong said.