A company formed from the merger of Panasonic and Sony’s OLED businesses has filed for bankruptcy, with liabilities in excess of A$385 million.
Japan’s JOLED was formed in 2015 with a plan to mass-produce OLED panels at a low cost, but has struggled to compete with South Korean and Chinese rivals.
The company will shut two plants in Japan and sack around 80 employees. It’s technology and development operations will be taken over by Apple supplier Japan Display, who will also take on around 100 JOLED workers.
Japan Display plans to “expand and accelerate” in the OLED market.
INCJ, JOLED’s majority owner, had poured over A$1.5 billion into the company.
“We could not expect relevant parties to make additional investments,” INCJ President Mikihide Katsumata said.
