LG has won a five-year contract to provide LCDs for Apple, Inc. According to Softpedia, Apple wanted LG's LCD and next-generation OLED displays for not only notebooks and Cinema Displays, but for iPhones and iPods as well.
LG will receive a deposit of US$500 million to begin work under the contract.
OLED displays use organic material to emit light. According to the same article, OLED displays outperform LCD displays in terms of refresh rate, color, and energy efficiency.
LG already provides over 70 percent of Apple's notebook and Cinema Display LCDs, according to Reuters. Before that, Apple had partnered with Samsung about 10 years ago to help the company boost its TFT LCD production.