LG secures 5-year panel deal with Apple

The AP reports that LG Display Co. has entered into a five year deal with Apple to supply flat panels to the Cupertino electronics giant. According to a regulatory filing, the South Korean company will receive an advance payment of $500 million from Apple "sometime this month."

No details were provided on exactly how many panels Apple would purchase or what products they would land in, but $500M sure buys a lot of panels. Hopefully large deals like this and the one with Samsung for NAND flash chips will help chip away at Apple's component costs and allow them to lower consumer prices.