Samsung has announced it will spin off the company’s under-performing panel manufacturing business.
The electronics manufacturer said the new division, called Samsung Display, will become a wholly owned subsidiary and launch with $US6.6 billion in capital.
The break-off will occur from April 1.
“Currently, the display market is undergoing rapid changes with OLED panels expected to fast replace LCD panels to become the mainstream,” the company said in a statement.
As a result, changes “are essential to improve our competiveness for our Display business”.
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Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
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