Samsung Display Co. will halt the production of liquid crystal displays (LCD) next year and focus on ramping up its next-generation display business, the company said Tuesday.

The company will speed up its transition to a quantum-dot (QD) display business in a move to boost its profitability and strengthen competitiveness in the display sector.

Samsung Display said it has already notified its employees and subcontractors about the plan. Its workers at LCD units will be shifted to other business divisions without job cuts, the company added.

Samsung Display temporarily suspended some of its LCD production lines last year following a supply glut in the industry caused by Chinese manufacturers.

LCD products ordered by its customers this year will be delivered as scheduled, according to the company.

Samsung's QD displays are using organic light-emitting diode (OLED) along with the company's quantum-dot technologies, providing a better color gamut and energy efficiency.

In October, the company said it will invest 13.1 trillion won ($10.72 billion) in facilities and research to upgrade a production line, as it contends with oversupply amid weak global demand for smartphones and TVs.

The company runs two LCD production lines at factories in South Korea and two LCD-only factories in China.

Samsung Display’s rival LG Display Co Ltd said earlier this year that it will halt domestic production of LCD TV panels by the end of 2020.