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Samsung’s $20 Billion Technology-focused Revitalization Plan

Original Source: http://www.sustainablelifemedia.com
Author: Thomas Miner
Original Publication Date: May 14, 2010

May 14, 2010 – Samsung Electronics Corp. announced this week that they will be investing $20 billion dollars in innovative technologies, including photovoltaic cells, LED lighting, and rechargeable cells for hybrid electric batteries over the next decade to increase competitiveness and create tens of thousands of jobs.

The single largest investment by Samsung will be in LED lighting technology, with a total of over $7.5 billion dollars over the next decade being pumped into backlit displays, lighting, and car electronics. The company also has planned investments of $5.3 billion solar cell technology and $4.5 billion in rechargeable batteries and cells for hybrid devices. In addition to the sustainable technologies listed above,the company will be investing in biopharmaceuticals ($1.75 billion) and medical devices such as blood testing equipment ($1 billion).

With the jobless rate in South Korea at a decade high 5% this past January, a big focus of the investment for Samsung is to create jobs domestically. While they already employ 276,000 people worldwide and 173,000 in South Korea, they expect the new program to add 45,000 employees to their roster this decade. It is expected to generate an additional $44 billion in revenue by 2020 as well.

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