In its latest attempt to deal with the sluggish global economy, Samsung Electronics Co has restructured its four main businesses, consolidating them into two groups - combining its chip and LCD units in one division, and its media and telecom divisions in the other.

Despite being the world's leading maker of liquid crystal displays, memory chips, and flat screen televisions - and the biggest in mobile phones, behind Nokia - Samsung Electronics has lately been struggling due to the falling prices for flat screens and semiconductors.

The announcement of the company streamlining its businesses came as a part of the announcement of personnel changes at the company as also the extensive Samsung Group of which the corporation serves as flagship. Besides Samsung Electronics, the conglomerate comprises other companies with interests in construction, shipbuilding, life insurance and leisure.

Citing the reason for the announced changes, Samsung spokeswoman Hwang Eun-ju said: "We needed to effectively respond to the current global recession."

According to the announcement, along with retaining his earlier position, Lee Yoon-woo, CEO Samsung Electronics, will also undertake the additional responsibility of supervising the Device Solution division, which would constitute the merged LCD and semiconductor businesses.

As per the South Korean electronics giant's new plans, the combined Digital Media and Communications - which would bring together mobile phones and televisions - would be headed by Choi Gee-sung.