Apple supplier Japan Display Inc. will be receiving $100M from Apple as part of its rescue funding program.
JDI has experienced hardship over the last few years. As reported by Nikkei, the company initially expected a $737 million lifeline for its LED operation, but a third of the investors pulled out in June. Suwa Investment Holdings CEO Winston Lee will be restoring majority of the funding with $470 million in October with the announcement that funding is already secured.
Apple has a vested interest due to the fact that Japan Display is its supplier of LCD displays on the iPhone XR and others. Plus, JDI owes Apple $1.5B, so the move is considered sound.
The Japanese screen-maker realized that the smartphone industry was quickly moving from LCD to LED and OLED screens. Just last year, Japan Display lost $2.3 billion, and subsequently lost $260 million in 2017.