Samsung LCD Business, a division of Samsung Electronics, made it clear that it would muscle into the solar-energy business next year. The research team at crystalline solar cells was reshaped into a business team, and the head of the research team was promoted to vice president.
In preparation for the mass-production of glass substrates for LCDs in 2012, LG Chem also created a LCD glass substrate unit under the IT & Electronics Materials Business. What lies behind the reshuffles of both Samsung Electronics and LG Chem is their eagerness to chart a new business plan.
Most notable in the reshuffle of Samsung Electronics is the formation of a taskforce geared towards finding new business ventures. The Former president of Samsung SDI Kim Sun-Taek was promoted to vice chairman to head up the taskforce. Industry experts expect that the taskforce would not only explore new business opportunities for Samsung Electronics, but also scout around for new "delicacies" for the entire group.
LG also carried out restructuring in order to unearth group-wide new business ventures including the solar energy business. For a start, LG Electronics handed over the solar energy business -currently under the Chief Technology Officer (CTO)- to its air conditioning business so as to accelerate the solar energy business.
The decision made by LG Electronics that they will dabble in the crystalline solar cells, which will put their technological capabilities under the roofs of its major business divisions. LG hints that they will stage a full -court press in pursuit of entering uncharted business territories. LG Chem' LCD glass substrate project, which is bound to receive 3 trillion won in investment by 2018, also morphed into a LCD glass substrate unit under the IT & Electronics Materials Business.
An unidentified LG Chem official said, "The adoption of technology for cranking out large glass substrates will be followed by the building of facilities and production lines, scheduled to take place next year. Having in mind that competition in this business is cutthroat, we swiftly formed a taskforce to stabilize the business process as soon as possible."