Samsung to quit plasma panel business by the end of 2014

Samsung will be shutting down the last of its plasma panel screen production by the end of this year.

Although plasma TV sets have been in decline for some time, this will be a serious nail in the coffin for the technology along with Panasonic's exit late last year. According to a statement, Samsung SDI will instead invest cash and resources in the energy and materials sectors, and an overall decline in demand for the sets has been cited as the main contributing factor. The news comes amid rumors that LG, another of the three major players in plasma, is also seeking to exit the business.

"We plan to continue our PDP TV business until the end of this year, due to changes in market demands," a Samsung spokesperson told CNET. "We remain committed to providing consumers with products that meet their needs, and will increase our focus on growth opportunities in UHD TV's and Curved TV's."