Universal Display Corporation (NASDAQ: OLED) and PPG (NYSE: PPG) has announced that OLED Material Manufacturing Ltd. and PPG are embarking on a multimillion-euro capital investment. The commencement of this investment is expected to create up to 100 high-tech jobs at a new Shannon manufacturing site.
OLED Material Manufacturing, a lighting technology company, is the subsidiary of Universal Display Corporation (UDC). It will produce UniversalPHOLED products onsite in partnership with PPG, an industrial coatings and materials company. PPG is the sole manufacturer of UniversalPHOLED emitter materials and it has been producing OLED materials for UDC since the last two decades.
Announced in February 2021, the Shannon facility will widen the global footprint and increase the production of UDC’s energy-efficient, high-performing UniversalPHOLED materials to meet the rising marketing demand of organic light emitting diode (OLED) and the evolving industry requirements. Operations are set to commence in 2022 since regulatory approvals and facility renovations are expected to be completed in the next 12 months.
Welcoming the announcement, Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD, said: “This major announcement by OLED Material Manufacturing and PPG is a welcome boost to the Mid-West region. It will make a significant contribution to Shannon and the Irish economy in terms of job creation, investment and innovation. Technology is one of the fastest-growing sectors here in Ireland and globally, and I wish the team continued success.”
Director of OLED Material Manufacturing Limited Austin McCabe stated, “Our manufacturing expansion in Ireland allows UDC to strengthen its mission, which centers on enabling our customers and fostering the proliferation of energy-efficient OLED display and lighting applications in the consumer landscape. Leveraging UDC Ireland’s presence, the site’s infrastructure and the Mid-West region’s top-level talent, we are excited about the new Shannon facility. Together with our long-term partner, PPG, this multi-million-euro investment will expand the global manufacturing footprint for UDC’s proprietary state-of-the-art phosphorescent emissive materials to meet the substantial growth forecasted for the OLED market.”
Gerry Cahill, PPG Plant Manager at Shannon, added, “This project will bring a broad spectrum of jobs, a large number of which are highly skilled, to the Mid-West region. PPG has been producing high-performance OLED materials for UDC for the past 20 years. The expansion into Ireland with the addition of the Shannon facility shows confidence in not only the UDC-PPG partnership but also in Ireland as a place in which to invest and do business. In this regard, we are thankful for the support of the Irish Government through IDA Ireland.”
Martin Shanahan, CEO, IDA Ireland, said, “This decision by OLED Material Manufacturing and PPG to invest in Shannon demonstrates the companies’ confidence in the availability of a skilled and talented workforce in the Mid-West Region. This announcement is further evidence of IDA Ireland’s continued commitment to winning jobs and investment for regional locations. I wish OLED Material Manufacturing and PPG every success as they progress with their manufacturing site in Shannon.”
“The significance of a decision of this nature is manifold. Not only does it bring new investment to Shannon but it provides opportunities at a much wider level, through the delivery of high-calibre employment and the attraction of new skills in a technology-driven sector” said Shannon Chamber CEO Helen Downes, while commenting on the announcement.
