LG Display has reached a long-term deal with Apple to supply flat panels to the iMac creator. The contract is for five years and as part of the agreement terms LG will receive payment of $500 million in advance from Apple sometime this month.

Although LG Display already had a relationship with Apple, the deal's duration and the size of the advance show that the two companies are involved in a long-term, strategic alliance,

company spokesman Son Young-jun says. Currently, LG Display supplies about 70% of the displays used in all Apple products. LG Display declined to provide further details, and say if this number will grow in the future.

Source: Electronista