Today, Samsung announced its plans to spin off its struggling liquid crystal display (LCD) division as it places a new focus on organic light-emitting diode (OLED) panels. The new company will be called "Samsung Display Co." and will be officially set up on April 1, 2012.

Combining all 2011 financial results, Samsung's LCD business had an operating loss of $668 million, which is certainly playing an important factor in this decision. The company will now be able to focus on its new OLED division, which it believes is where the money will be at in the near future. OLED panels are able to operate without the need of a backlight, meaning the display can be thinner, and thus, lighter.

Just last week, Samsung first revealed that it was investigating the possibility of a spin off.