The report states that the factory, which is a joint venture between Foxconn and Innolux, will turn out OLED screens for Apple's smartphone and wearable products. For now, the latter category consists of the Apple Watch, for which LG is the main source of flexible displays.
It would seem that Apple is planning on making a switch from the LCD glass that they have employed on the iPhone since day one, to OLED screens. The factory isn't expected to be in operation until late 2015, which means that we probably won't see any such change on the iPhone screen until the Apple iPhone 7 is released in 2016. That assumes that this year's iteration of the device will be the Apple iPhone 6s.
Most of you already know that Foxconn is a leading contract manufacturer and is responsible for the assembly of a majority of each year's iPhone models, although that is rumored to change this year. Innolux is one of the largest LCD display manufacturers in Taiwan, and happens to be owned by Foxconn. It's called the Circle of Life.
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source: MacX via GforGames