Wednesday, 17 October, 2018

Samsung to plug $160bn into new technology in major growth push

Samsung will put more than $22 billion toward tech like AI and 5G.                  Jung Yeon-je  AFP  Getty Images Samsung will put more than $22 billion toward tech like AI and 5G. Jung Yeon-je AFP Getty Images
Troy Mann | 10 August, 2018, 20:09

Along with the firm's automotive parts business unit, the team is expected to play a key role in leading Samsung's renewed push for connected cars.

The investment is also part of a bigger 180 trillion won three-year plan to create jobs and secure fresh revenue streams, providing the first hint of direction for Samsung since group heir Jay Y. Lee was released from jail in February on a suspended sentence following a conviction for bribery. The company also will expand C-Lab, its internal venture incubation program, and work with the Korean government to establish and run software education centers across the country.

The company said a substantial slice of the overall investment pie will be earmarked for South Korea itself, and that overall the investment will create some 40,000 new jobs. Those areas are seen as Samsung's new growth engines. (Nasdaq: QCOM). Under its latest plans, it is to channel more spending into its manufacturing hubs, including its facility in Pyeontaek, and increase investments in the production of memory chips, non-memory equipment and advanced manufacturing equipment. "But Samsung can be more active in M&As to do better at AI or 5G, when Lee is fully back to his business", Greg Roh, an analyst at Hyundai Motor Securities, said.

Samsung has announced a new three-year investment plan, set to be worth $160bn (approximately £124bn). "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars", it said in a statement.

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The company's investment announcement came two days after the finance minister visited a Samsung computer chip factory, where he touted Samsung's importance in Asia's fourth-largest economy.

Samsung said the announcement followed months of deliberations and review by the management and the board of directors of different Samsung companies, including Samsung Electronics.

The announcement has had little impact on Samsung's share price but should be welcomed by investors anxious about the lack of strategic direction since the conviction of group heir Jay Lee on bribery charges past year.

Samsung said 130 trillion won, or 72 percent of the amount, will be allocated to South Korea.

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