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Samsung Electronics to expand investment to record 22.6 billion USD

05-18-2010 14:10 BJT

SEOUL, May 17 (Xinhua) -- The World's No. 1 chipmaker Samsung Electronics on Monday announced it will expand its total investment in manufacturing facilities and research & development (R&D) for 2010 to a record high of 26 trillion won (22.6 billion U. S. dollars).

While Samsung plans to pour 18 trillion won (15.6 billion U.S. dollars) into semiconductor manufacturing facilities and LCD panel production, 8 trillion won (7 billion U.S. dollars) will be invested for research R&D, the company said in a press release.

Although the global economic environment and business conditions remain changeable and uncertain, if we invest aggressively in expanding facilities and in hiring then these circumstances also present Samsung an opportunity for future growth and to stimulate the economy," Samsung Electronics Chairman Kun-Hee Lee was quoted as saying at a ground breaking ceremony at its Nano City Complex in Hwaseong, Gyeonggi Province.

The decision came as part of Samsung's plans to rock its market leader position in memory semiconducture and LCD panels, according to the company.

Along with the investment expansion, Samsung will also increase the number of new employees, to 10,000 in 2010, the company said.

Among the 10,000 new employees, 3,000 will be hired for the Semiconductor Business and 4,000 for the LCD line, the company added.

Samsung Electronics, global leader in semiconductor, telecommunication, digital media and digital convergence, reported a record profit of 4.4 trillion won (3.8 billion U.S. dollars) in the first quarter of 2010, drawing nearly half of its profit from its semiconductor business.

Despite the upbeat report, shares of Samsung Electronics closed at 784,000 won (682 U.S. dollars) on Seoul's main bourse, down 3. 21 percent from the previous session.

Editor:Zheng Limin |Source: Xinhua

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