Samsung becomes world's biggest LCD maker with Samsung Display
2nd Apr 2012 | 07:35
Takes crown of ultimate panel beater
Samsung has announced that it has completely spun-off its LCD business into a separate company called Samsung Display and in the process it has created the world's biggest display manufacturer.
There's been a mountain of rumours surrounding Samsung mulling a spin-off of its display manufacturing arm, with the company hinting back in February that it may do this to "improve synergy within the company".
Which in non-business speak is "make a lot more money" by improving its chances of getting big contracts from the likes of Apple.
Now this has been made official, with Samsung holding an inauguration ceremony for Samsung Display at the weekend and is set to register the company officially on April 3.
Speaking about the news, Donggun Park, executive vice president and head of the former Samsung Electronics' LCD Business and now CEO of Samsung Display, said: We will make Samsung Display a well-respected company through continuous efforts to supply a wide variety of customised 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."
The move comes after Samsung cut ties with Sony in the panel market and Sharp announced a deal with Foxconn.
With consumers embracing small-screened devices – tablets and smartphones – like never before, the manufacturing of LCD technology is something of a money spinner.
Last year, Samsung's LCD division made 22.7 trillion KRW revenue – the equivalent to £12.5 billion ($20 billion).