LG Electronics Co., Ltd. and Lufthansa Technik AG will jointly develop, produce, and market LG's organic light emitting diode (OLED) displays for commercial airplane cabins. The cooperation will lead to the creation of a new venture that will be based in Hamburg, Germany and is expected to start operations in 2019.

The new joint venture will combine LG's advanced, lightweight and flexible OLED display technology with Lufthansa Technik's aviation business capabilities to create new markets for on-board aircraft applications such as welcome board screens and interior linings.

"We are very excited to be joining hands with Lufthansa Technik to expand the reach of LG's innovative consumer electronic technologies to commercial aircrafts," said Kwon Soon-hwang, President of LG's Business-to-Business Company. "Both partners contribute a globally recognized reputation in their respective business areas to create a new flying experience for the passengers," added Dr. Johannes Bussmann, Chairman of Lufthansa Technik's Executive Board.

The closing of the agreement, which was inked earlier this week in Hamburg, is subject to regulatory approval.