Panasonic will be closing its OLED business in April 2014, according to report by Japanese news agency Kyodo News.
Citing a source from Panasonic invested company Idemitsu Kosan, the report noted lower profitability in the OLED sector was the main reason behind Panasonic’s withdrawal from the OLED market. OLED related businesses will be dissolved as of this month. An OLED Info report pointed out Panasonic had not profited due to OLED's high R&D costs and low profitability.
With the shutdown of its OLED business, Panasonic will be focused on developing LED products.
The announcement come as a surprise since Panasonic Research Director Takuya Komoda outlined the company’s OLED market strategy and forecasted emerging growth for the sector from 2014-2015 during TILS 2014 last month.