Samsung has announced the creation of a new division set to handle the company’s TV side of things and is expected to come into effect on the first of April this year.
Tentatively called Samsung Display Co., Ltd, the move needs the approval of the Management Board. The company said the new division will “enhance the competitiveness of the LCD division”.
“The split in the LCD business was created to secure to the diverse needs of customers. The spin-off will allow us to make quicker business decisions and respond to our clients’ needs more swiftly, and will have $6.6 billion in initial capital when it launches as a new entity,” Donggun Park, Samsung VP and head of Samsung’s LCD unit, said.
“This decision comes just months after Sammy agreed to take Sony’s stake in S-LCD, turning the former display partnership into a fully owned subsidiary,” Engadget added.
Charlie Fripp – Online editor