LG Display wins big LCD contract from Apple

South Korea's LG Display on Monday said it has signed a five-year deal to supply LCD panels to Apple.

The deal is important for LG Display, one of the largest makers of LCD panels in the world. It gives the company a high profile customer in Apple and offers a financial boost at a time the global economy appears to be worsening.

The company will receive an initial payment of US$500 million from Apple, LG Display said in a statement to the Korea Exchange (KRX).

LG Display offered few other details of the agreement.

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