Samsung Electronics have spoken out confirming that they have officially split their display manufacturing unit and that their new effort, Samsung Display, will commence trading under the new alias tomorrow, April 3rd. The newly found company forms serveral months after the announcment of the spin-off to the press by Samsung in the February of this year. The decision to part ways comes after poor financial forecasts and overviews spanning months specifically in their display production sector.
The subsidary is believed to have inherited roughly $6.6 billion from its parent company, Samsung Electronics, that will be used to run the business when operations begin sometime tomorrow (April 3rd). Donggun Park has been appointed as CEO of the new venture with the issuing of the following statement from himself: “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.”
Samsung’s full press release can be obtained below.
[togglebox state=”closed” head=”The World’s Largest Display Manufacturer, Samsung Display is Launched”]
SEOUL, Korea – April 2, 2012 – Samsung Display Co., Ltd, a global leader in display panel technologies and products, announced today that it has been officially launched as a new corporation, spun off from Samsung Electronics. Samsung Display held its inauguration ceremony today and will begin business operations in earnest after carrying out incorporation registration on April 3.
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 (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 added, “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 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.[/togglebox]