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When LG announced its 2019 financial results last week, the company whose name has become practically synonymous with OLED (organic light-emitting diode) TV revealed that it would cease domestic production of LCD (liquid crystal display) panels by the end of the year.

The news follows a “rough year” that saw both a prolonged decline in the price of LCD panels and an increase in demand for OLED panels, according to a Reuters report, which noted that LCD prices have been falling for more than two years in a market crowded with Chinese brands such as TCL and Hisense.

That scenario led to a glut of LCD panels and triggered recent cuts in LCD production by both LG and its rival Samsung.

“In the second half of the year, revenue from our large OLED panels will rise steeply in line with the increase in production from (the firm’s) Chinese OLED fab,” LG Display’s chief financial officer Suh Dong-hee was quoted as saying in the LG earnings call.