LG Display recently announced plans to invest $657 million in cash into expanding their organic light emitting diode (OLED) panel production capabilities. The expansion will take place at the company's Paju plant located in the Gyeonggi Province in South Korea, according to a statement released by the company.

The Korean electronics maker said the investment will go into effect this quarter with construction completed in time for mass production in the first half of 2014. At full tilt, the facility will be able to produce 26,000 sheets of mother glass per month. Each sheet can be cut to build six 55-inch displays meaning LG will be able to turn out 156,000 panels every month.

OLED technology is seen by many as the next step past LCD and LED technology as it allows for brighter colors, thinner panels and - at least in portables - better battery life. The technology isn't anything new but thus far, it's proven incredibly difficult for manufacturers to create high production yields which is reflected in the price tag. That should change over the coming years as research firm DisplaySearch projects OLED display sales to reach $19 billion by 2019.

Interestingly enough, LG Display just happens to be a supplier for Apple but before you go on thinking that Cupertino could use OLED displays in their upcoming iTV, think again. During the Goldman Sachs investor meeting last week, Tim Cook said color saturation from an OLED television was awful. He suggested people think twice before blindly buying online.