Samsung has become the world’s largest display manufacturer almost overnight after spinning off its LCD business into a separate company called Samsung Display.
Rumors surrounding this move began back in February when the Korean electronics giant hinted that it could separate its LCD business to “improve synergy within the company.” By distancing itself from Samsung Electronics, Samsung Display will be hoping that it now has a better chance of securing big contracts from the likes of Apple.
Samsung held an inauguration ceremony for Samsung Display over the weekend, and it is set to make the move official by registering the company on April 3. The new business will launch with over 20,000 employees, and five production plants around the world.
Donggun Park, who was previously the executive vice president and head of the former Samsung Electronics’ LCD Business, now assumes the role of CEO for Samsung Display, and hopes to make the company the “very best” in the display market:
“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.”
Last year, Samsung’s LCD business announced revenues of 22.7 trillion KRW (approx. $20 billion).
The move follows last week’s news that Foxconn’s parent company, Hon Hai Precision Industry, secured a 46.5% stake in Sharp’s mammoth LCD plant in Sakai, Japan.