Japan Display is set to receive around $703 million as another bailout according to reports. The company makes displays for Apple.
In an attempt to catch up with its competitors, Japan Display will utilize the money to improve on its OLED manufacturing capabilities.
The company has high expectations from the sales of iPhone 7 which will help it to cover its loss of 4.9 billion yen for the third quarter of the year (July- September).
While its competitors shifted their focus on OLED, primarily because of its brighter display and sharper contrasts, Japan Display doubled its investment in LCD technology. This proved to be a fatal mistake for the company as Apple plans to adopt OLED for the successive year’s iPhones.
Japan Display earlier built a $1.4 billion plant in a bid to become the primary supplier of display screens to Apple.
It also lost a bid to buy Sharp, another iPhone display maker holding various patents related to OLED, to Foxconn.