Samsung has officially spun off its LCD business into a new company called Samsung Display.
Plans to do so first came to light in February, when it was anticipated that April would be the target date for such a move - and indeed the spin off has happened right on schedule.
The restructuring move is an attempt to make the business more profitable, allowing for quicker business decisions to be made within the company, and greater competitiveness when it comes to securing contracts from the likes of long-time partner (and also legal foe) Apple.
The new company's inauguration ceremony was held yesterday, and it fires up business operations starting from tomorrow (after carrying out incorporation registration).
Donggun Park, who was head of Samsung's former LCD arm, now becomes the CEO of Samsung Display. The company boasts that it has become the world's largest display manufacturer overnight, with five production facilities across the globe staffed by some 20,000 employees.
Park commented: "We will make Samsung Display a well-respected company through continuous efforts to supply a wide variety of customized products that provide great value to our customers. By continually staying one step ahead of our competitors, we can make our company the very best in the display market."
Foxconn has recently invested in Sharp and its LCD business, as the competition to supply Apple with displays for its various gadgets - and potentially the Apple TV - hots up.
Source: Techradar (opens in new tab)