The latter half of February saw Samsung warding off speculations indicating that the company planned to spin off their LCD business. Samsung had, at that time successfully doused all rumours and announced that their LCD business division called Samsung Display Co. Ltd would be established in April. Donggun Park, Executive Vice President of Samsung's LCD business seemed enthusiastic then, and he said that the spin-off will allow them to make quicker business decisions and respond to the needs of their clients swiftly. As per an announcement by Samsung, Samsung Displays has been officially launched as a new corporation, spun off from Samsung Electronics. In an inaugural ceremony held today, it has been revealed that the new unit will begin business operations in earnest after an incorporation registration today, April 3rd, 2012.
Samsung Display has started from today
Donggun Park, Executive Vice President and Head of the former Samsung Electronics’ LCD Business was elected CEO of Samsung Display. The company, which recorded 22.7 trillion KRW, which is approximately 20 billion U.S. dollars in annual revenue in 2011 as Samsung Electronics’ LCD Business, became the world’s largest display manufacturer overnight, based on its 20,000 employees and five production facilities worldwide.
Park said at the inauguration ceremony, “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.” He went on to state, “By continually staying one step ahead of our competitors, we can make our company the very best in the display market.”
More than 350 employees attended the inauguration ceremony. At the inauguration, many reflected on the success of Samsung Electronics’ LCD Business over the past 21 years and expressed a widespread determination to once again become ‘The No. 1 Global Display Manufacturer’.
Samsung Display began as a Research and Development arm of Samsung Electronics in 1991 and has since developed and released some of the world’s most creative and innovative displays. Now, as a separate corporation, they aim to respond to the rapidly changing market conditions more efficiently, while providing timely, well-differentiated products and services this year and well into the future.