Samsung Electronics on Monday announced that its display panel spin-off is now operational. The company said in February that it would separate its struggling LCD business from the rest of the company and form Samsung Display Co., Ltd. The subsidiary opened its doors Monday morning and it will commence operations with roughly $6.6 billion in financing from parent company, Samsung Electronics. “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,” newly named Samsung Display CEO Donggun Park said. “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 follows below.
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.