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Samsung details $27.9B investment plans

Posted: 01 May 2008 ?? ?Print Version ?Bookmark and Share

Keywords:Samsung investment? semiconductor business? Samsung bribery scandal?

Following the resignation of its chairman, Samsung Group has unveiled its massive investment plans with 59 affiliates expected to invest a total of $27.9 billion for this year to enhance the company's growth potential and develop new businesses.

This is according to the Agence France Presse, which reported that the investment is the largest ever for the group and is up 24 percent from $22.3t billion invested in 2007. The South Korean firm also plans to hire 20,500 new employees, up 28 percent from a year ago.

The group's flagship company, Samsung Electronics, recently unveiled plans to invest $6.9 billion in its memory chip division this year, of which $1.49 billion will be allotted for its U.S. semiconductor factory in Austin, Texas.

Samsung Electronics also announced it will invest about $1.7 billion to build a new 8G LCD line at its joint venture plant with Sony Corp.

Management overhaul
After Lee Kun-Hee officially stepped down as chairman of Samsung, company will be controlled by vice chairman Yun Jong-Yong, company officials disclosed.

As part of its reform initiative, Samsung promised to scrap its strategic planning office, which has been accused of helping the chairman manage his hidden assets and illicitly transfer control of management to his son.

Besides Lee, special prosecutors indicted nine other Samsung executives for illicit transfer of managerial rights, lack of transparent book-keeping and direct control over subsidiaries through a strategic planning office.

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