Seoul-based LG Display Co. plans to spend more than $8.7 billion to build a new manufacturing plant and expand its “production of a newer type of display that can be used to cut power use, make thinner devices and show brighter colors,” reports Bloomberg. LG says that by 2018 it will produce new OLED displays for TV sets, smartwatches and automotive displays. Reports also suggest the OLED tech could replace smartphone LCDs, with Apple on board to adopt OLED for its iPhones beginning in 2018. LG explains that OLED offers a brighter and sharper image than LCDs in addition to saving space and power since they do not require backlight.