South Korean giant Samsung Electronics Co. (SSNLF.PK, SSNNF.PK) would spin off its loss-making liquid-crystal-display or LCD unit as the company focuses on making thinner, brighter TVs. The firm said, in a filing today, that it would introduce the spun-off unit, Samsung Display Company Ltd., as a separate entity on April 1 with paid-in capital of 750 billion won or $668 million.
Samsung noted that it was planning to focus on new technologies to maintain its edge over the competition. Commenting on the spin-off, Park Dong-Gun, executive vice president and head of Samsung's LCD business said, It "will allow us to make quicker business decisions and respond to our clients' needs more swiftly."
Click here to receive FREE breaking news email alerts for Samsung Electronics Co. Ltd. and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com