Apple Extends Relationship with LG with 5 Year Display Contract

Apple Inc. has broadened its relationship with LG Display with a new five year contract with the company to supply LCD panels for Apple's product line. Reuters reported that the deal included a US$500 million advance from Apple, one of the world's richest tech companies, to LG Display, the world's second biggest maker of LCD screens.

"Although LG Display already had a relationship with Apple, the deal's duration and the size of the advance show that the two companies are involved in a long-term, strategic alliance," Son Young-jun, a spokesman for LG Display, told Reuters. LG Display already provides some 70% of Apple's displays for notebooks and Cinema Displays.