Seoul,  Samsung Electronics plans to move around 300 workers from its display business' liquid crystal display (LCD) division to the company's semiconductor unit, sources said.

The plan comes after Samsung Display, a unit of the tech giant, stopped producing LCD panels for TVs this month due to falling prices, and a supply glut due to competition from Chinese panel makers.

Samsung Display has scaled down its TV LCD business since mid-2010, reports Yonhap news agency.

In 2020, the panel maker said it would end the business in a gradual move toward more profitable high-end products, including organic light-emitting diode (OLED) panels.

In August and December that year, Samsung Display relocated around 200 to 400 workers to Samsung Electronics' device solutions (DS) division in charge of the chip business.

The relocation also underlines a growing demand for engineers and highly skilled workers for the chip business.

As the chip industry pumps up capacity, it is facing a shortage of workers to staff the facilities that are being built around the world.

Last month, Samsung announced a huge investment plan over the next five years to recruit and nurture talent and strengthen research and development in the semiconductor business, among other things.