Struggling display maker Japan Display announced on Friday that a consortium led by China’s Harvest Group has successfully raised funding to execute an 80 billion yen (about $738 million) bailout plan. As reported earlier this month, $100 million of that amount is expected to come from Apple.
Reuters reports following months of negotiations, Harvest agreed to increase its investment to keep Japan Display’s head above the financial waters. Harvest’s investment put the consortium over the targeted bailout amount. Harvest’s investment will reportedly amount to $500 million.
Previous reports have indicated that Apple would be investing $100 million to keep Japan Display afloat. Apple is the display maker’s most important customer, with the Cupertino firm’s LCD panel orders account for around 60% of Japan Display’s revenue in the 2018 fiscal year.
In addition to Harvest’s and Apple’s investments, Hong Kong-based Oasis Management will invest between $150 million to $180 million. Oasis has reportedly offered to furnish additional funds to offset potential currency fluctuations.
JDI has been a major supplier of LCD screens for Apple’s iPhone for many years. However, the supplier made a crucial mistake when it continued to invest in LCD technology, even as the industry showed a trend toward OLED panels.
Apple debuted its first OLED handset in 2017 with the debut of the iPhone X. Last year, the firm debuted two new OLED devices, the iPhone XS and iPhone XS Max. The Cupertino firm is expected to offer an all-OLED iPhone lineup in 2020.