By Jun Yang - Jan 17, 2012 8:01 AM GMT+0700
Samsung Group (SAMZ), South Korea’s largest industrial group, said it will boost spending to a record this year to continue growth in its main businesses and cultivate new sources of revenue.
Samsung Electronics Co. (005930), the world’s largest maker of computer-memory chips, and its affiliates will invest 47.8 trillion won ($41.7 billion) in 2012, a 12 percent increase from last year, the group said in an e-mailed statement today. The companies will invest 31 trillion won in capital expenditure, according to the statement. It didn’t give details on how the money will be spent.
Samsung, whose 2010 sales were equivalent to one-fifth of South Korea’s gross domestic product, plans to increase investment even as it predicts slowing growth in the global economy, according to the statement. Samsung said it will add 26,000 employees this year.
Suwon-based Samsung said yesterday it plans to issue as much as $1 billion in overseas bonds to expand a chip factory in Texas.
South Korean competitor LG Group (LGGZ) said Jan. 13 it will reduce spending by 15 percent this year.
To contact the reporter on this story: Jun Yang in Seoul at jyang180@bloomberg.net
To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net
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