Japan Display has been cited as the main supplier of OLED screens for this year’s new Apple Watch, according to Reuters who report the display manufacturing giant is on the verge of securing as much as $990 million in new financing to aid OLED production admit dwindling demand for LCD panels.
The report claims Japan Display, which relied on Apple for more than half of its revenue in the year ended March 2018, has been able to secure a deal with Apple to be the lead supplier for screens for the Apple Watch Series 5, a blow to LG who currently supply the majority of Apple Watch displays.
Japan Display supposedly only has a small pilot OLED production facility, but a Reuters report suggests that this – plus the previous partnerships between Apple for LCD displays for iPhone models – has been good enough to win the contract.
Japan Display Inc will begin to supply organic light-emitting diode (OLED) screens for the Apple Watch later this year, two sources said, a breakthrough for the cash-strapped company whose late shift to OLED has cost it orders from Apple. – The supply deal would mark Japan Display’s foray into the OLED display market, the two sources familiar with the matter said, declining to be identified because they are not authorized to speak to the media.
The news has seen Japan Display’s share price climb 6.3%.
According to Reuters, the company’s next goal is to impress with production of the OLED displays for the next-generation Apple Watch Series 5 so much so that they can win contracts to produce OLED displays for future iPhone models.