iPhone screen maker said to buy major OLED venture

One of Apple's major suppliers of iPhone displays is poised to make a major investment in OLED screens. Japan Display plans to acquire Joled, an OLED screen maker jointly owned by Sony and Panasonic, according to Japan's Nikkei newspaper.

The deal will be completed this year and also includes an additional 75 billion yen ($650 million) investment from the Japanese government-backed Innovation Network Corp. of Japan.

Japan Display itself was formed out of the LCD manufacturing operations of Sony, Toshiba and Hitachi, and the acquisition will put most of Japan's flat-panel display manufacturing under a single company. That will help the company compete against aggressive rivals in South Korea, Taiwan, and China, the newspaper said.

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