Although it came as no shock, Samsung
Electronics announced today that it has officially spun off its display business into a new corporation called Samsung Display Co., Ltd, with operations under the new arrangements beginning tomorrow.
At the moment of its birth, Samsung Display became the world’s largest display manufacturer, with 20,000 employees, five factories, and $20 billion (USD) in revenue last year. The lucky CEO of the new corporation is Donggun Park, who put in his time at the company by previously heading up Samsung’s LCD business.
The press release announcing the change noted that Samsung Display originated as an R&D department for Samsung back in 1991. My, how times have changed.
The World’s Largest Display Manufacturer, Samsung Display is Launched
SEOUL, South Korea--(BUSINESS WIRE)--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 yesterday 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.