Samsung Electronics on Monday said that it has officially launched spun off of its display division, Samsung Display, which will be the globe's largest maker of displays. Samsung expects independent company to be more competitive in the long term.
The company, which recorded 22.7 trillion KRW (approximately $20 billion) 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. Donggun Park, executive vice president and head of the former Samsung Electronics’ LCD business was elected CEO of Samsung Display.
“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 added, “By continually staying one step ahead of our competitors, we can make our company the very best in the display market,” said Mr. Park.
Samsung Display began as an R&D arm of Samsung Electronics in 1991 and has developed and released some of the world’s most creative and innovative displays for two decades. Now, as a separate corporation, it will respond to rapidly changing market conditions more efficiently, while providing timely, well-differentiated products and services this year and well into the future.