Monday, February 20, 2012

BREAKING-Samsung Spinning Off LCD Business

When the Korean Exchange asked Samsung about if it was going to spin off its LCD business, they said that they were considering that. Well consider it done. Today Samsung announced it would be launching Samsung Display on April 1st, 2012 with $6.6 billion in its coffers. The move is still waiting for shareholder approval, but Donggun Park, executive vice president of Samsung's LCD business, seems optimistic. "The spin-off will allow us to make quicker business decisions and respond to our clients' needs more swiftly." 

Below is a machine translated press release. Must have been in another language.

Samsung Electronics, LCD, display the newly launched company that specializes

LCD business division in April through the "Samsung Display Co., Ltd. (tentative name)" will be established

rapid decision-making and efficient resource management, including resources and capabilities to enhance business competitiveness and focus, the best promotion company specializing in display
Samsung Electronics LCD Business, open on the 20th of the Management Board in order to enhance the competitiveness of the LCD division has approved to split the agenda.

Display rapidly changing market environment and effectively respond to the fierce competition eopchegan to ensure competitive differentiation and rapid decision-making system capable of efficient operation of management resources management system that is the purpose of this split.

"Samsung Display Co., Ltd. (tentative name)" on April 1 of the 7,500 billion in initial capital will be launched as a new entity. Samsung about this split in the March general meeting of shareholders approved plans to go through.

Bakdonggeon vice president of Samsung Electronics' LCD business manager: "This split LCD business is the speed of your business can be secured to the diverse needs of Customers.Therefore were able to respond quickly," he said. "Business competitiveness to our customers advanced products and a step I will try to provide technology and services, "he said.

Source: Samsung

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