Korea’s tech giant Samsung Electronics Co. said Friday that its shareholders approved the spinoff of its liquid-crystal display (LCD) business as part of a move to bolster the money-losing sector’s competitiveness.
At an annual meeting held in Seoul, shareholders passed a motion to create an independent display unit, the company said. The new company, provisionally named Samsung Display Co., will be launched on April 1, with a capital of 750 billion won ($667 million).
Under the separation arrangement, Samsung Electronics will control 100 percent of the display company’s shares, while the new LCD manufacturer will inherit assets, debts and other corporate and labor obligations.
Park Dong-gun, the current head of Samsung’s LCD business device, has been tapped to be the new president.
For full article see Korea Times.