Apple has done a long-term deal with LG worth $500 million, it's been revealed.

The strategic agreement is with LG Display Co for the supply of flat panel displays until 2013.

The news has been uncovered due to regulatory filings made in the States with the Securities and Exchange Commission.

The deal sees Apple prepay $500 million to the South Korean company in exchange for a guaranteed supply of LCD screens for Macs and/or handheld products over the next 5 years.

LG apparently already supplies Apple with 70% of its LCD panels, so fans should not notice much difference once the new supplies kick in.