On October 13, according to South Korean media The elec, South Korean equipment company Innotech stated in a report submitted earlier this month that it is the exclusive supplier of environmental reliability testing equipment for Samsung Display's foldable panels.
It is understood that environmental reliability testing equipment is mainly used to test product strength and simulate various environmental conditions that may be encountered in actual use (including temperature changes, humidity, impact, etc.) to verify product durability and reliability.
Innotech notes that it became a supplier of environmental reliability testing equipment for Samsung Display when Samsung Electronics launched its first Galaxy Fold in 2019. Currently, the company is collaborating with customers to develop equipment for next-generation products such as slider and rollable screens, in addition to foldable screens.
Image source: Samsung Display
Financial data shows that Samsung Display dominates Innotech's revenue composition—it accounted for 96.9% last year, but dropped to 92.2% in the first half of this year.
Specifically, Samsung Display's annual revenue is projected to be: 8 billion won in 2022, 8 billion won in 2023, 16.2 billion won in 2024, and 15.5 billion won in the first half of 2025. The company's 2024 performance (calculated separately) was revenue of 16.7 billion won (approximately 83 million yuan) and operating profit of 4.2 billion won (approximately 21 million yuan).
Innotech will also issue new shares to raise 22.3 billion won (approximately 111 million yuan). Of this, 19.3 billion won (approximately 96 million yuan) will be used to build a new Pyeongtaek factory (construction funds), and 3 billion won (approximately 15 million yuan) will be used to pay for raw material costs until 2027 (working capital).
Innotech explained, "The new Pyeongtaek factory is a proactive measure to anticipate future growth in demand for foldable testing equipment and IT display equipment, and to prepare for the construction of a new quantum dot (QD) OLED TV production line. The company officially signed the land purchase agreement in January of this year and plans to utilize existing cash reserves and funds raised from this IPO to complete factory construction by the first half of 2027. Once completed, the factory is expected to significantly increase the existing annual production capacity from 30 billion won to 100 billion won." (Translated from The elec)
