SEOUL (Reuters) -- LG Display said on Tuesday it plans to invest 3.3 trillion won ($2.8 billion) in small- to mid-sized organic light-emitting diode (OLED) panel production facilities.

The investment will take place starting this month until March 2024, the display panel maker said in a regulatory filing.

The investment will be in South Korea for sixth-generation OLED panels, and the facility is expected to begin operations in 2024, a spokesperson said, without elaborating.

Analysts said LG Display's strategy of efficient OLED production expansion by achieving economies of scale added to its better-than-expected operating profit in the second quarter to 701 billion won ($607 million).