South Korea's No. 2 tech giant, LG Electronics Inc., said Wednesday it plans to launch a new monitor equipped with in-plane switching panels, optimized for watching movies and multitasking.

The new model, named "34-inch UM95," features a 21:9 screen with wide QHD resolution of 3440×1440, offering a 238 percent wider screen compared with the previous full HD displays, it said.

The company said the product's wide screen makes it suitable for watching movies or online lectures.

LG Electronics added the monitor also comes with a software that allows users to divide the monitor into up to four different screens to carry out multiple tasks simultaneously, such as watching video clips while writing documents.

The company said the 34-inch UM95 also has a unique "floating screen" design, which applies acrylic material to make the screen look like it is buoyed in air.

The device was first introduced at the U.S. Consumer Electronics Show last month, with its official launch at home scheduled for Thursday.

LG said it plans to continue its efforts to take a larger slice of the South Korean electronics market by adding a 14-inch IPS screen to its lineup this year. (Yonhap News)