Samsung Electronics gets the nod to spin off LCD business


 

At the 43rd Annual General Meeting, Samsung Electronics shareholders approved the spin off of the ailing LCD business. According to the motion passed, Samsung will create a new independent company called Samsung Display Co. (tentative) and will be launched on April 1 with an initial capital of 750 billion won.

Park Dong-gun will assume the position as the president of the new company and Samsung Electronics will have a 100 percent stake in the spin off.

Samsung says the spin off will help the display business to respond to market demands and conditions faster.