Samsung Electronics has moved a step closer to spinning off its Liquid Crystal Display (LCD) unit after its board of directors approved the plan.
The firm said it will launch the spun-off unit, Samsung Display Company Ltd, as a new corporation on 1 April.
The move, which still needs shareholder approval, comes amid slowing demand and falling profits for LCD products.
Samsung said it was planning to focus on new technologies to maintain its edge over the competition.
"The spin-off will allow us to make quicker business decisions and respond to our clients' needs more swiftly," said Donggun Park, executive vice president and head of Samsung's LCD business.
"Through enhancements in business competitiveness, we will continue to provide superior products and services for the market," he added.
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24 March 2012
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