(Yicai Global) Aug. 13 -- Lighting manufacturer Lianchuang Optoelectronics Technology, or Lianovation, plans to invest CNY438 million (USD64 million) in a metal plate factory as it looks to make more components for its organic light-emitting diode screens.

The plant will produce 48,000 high-precision metal plates a year, the Jiangxi province-based company said in a statement on Aug. 11. Construction is expected to take three years with the first phase, which takes production to 50 percent capacity, planned to enter operations in August 2020.

The firm will build the production lines by renovating plants at the airport economic development zone in Ganjiang New Area in Jiangxi, the statement added. Lianovation hopes the move will help it break into the materials manufacturing sector and provide a new source of profit while enhancing ties with existing customers.

OLED displays are widely used in mobile terminals like smartphones and tablets and are becoming increasingly popular. The market is growing at around 33 percent a year, according to industry analyst EEWorld, and that makes space for similar expansion of the metal plate business.

Editor: James Boynton