Universal Display Corporation (Nasdaq: OLED) and PPG (NYSE: PPG) today announced that OLED Material Manufacturing Ltd. (OM2) and PPG are embarking on a multi-million-euro capital investment that is expected to create up to 100 high-tech jobs at a new Shannon manufacturing site.
The facility, which was announced in February 2021, will broaden the global footprint and increase the production of Universal Display Corporation’s (UDC) energy-efficient, high-performing UniversalPHOLED® materials to meet growing organic light emitting diode (OLED) market demand and evolving industry requirements.
The announcement was welcomed by Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD, who said, “This major announcement by OLED Material Manufacturing and PPG is a welcome boost to the Mid-West region. It will make a significant contribution to Shannon and the Irish economy in terms of job creation, investment and innovation. Technology is one of the fastest-growing sectors here in Ireland and globally, and I wish the team continued success.”
PPG is the longstanding partner and exclusive manufacturer of UDC’s UniversalPHOLED emitter materials. OLED Material Manufacturing Limited is a wholly-owned subsidiary of UDC Ireland Ltd., which is a subsidiary of UDC. Facility renovations and regulatory approvals at the Shannon site are expected to be completed in the next 12 months so that operations can commence in 2022.