*NEWS*SAMSUNG TO DOUBLE SALES TO $110BIL.

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*NEWS*SAMSUNG TO DOUBLE SALES TO $110BIL.

 user 2005-12-13 at 10:16:00 am Views: 87
  • #13543

    Samsung to Double Sales to $110 Bil.
    Samsung Electronics seeks to join the rank of the world’s top three electronics firms in 2010 by doubling its annual revenue.
    Samsung
    Electronics chief executive and vice chairman Yun Jong-yong Thursday
    disclosed the grandiose plan at its session with analysts about its
    future growth strategy
    “We aim to double last year’s turnover by
    2010 to become one of the top three electronics companies in the world
    both in quantity and quality,’’ Yun said.
    The bold scheme means that
    Samsung should top 115 trillion won ($110 billion) in sales by then
    since it chalked up a 57.6 trillion won turnover last year.
    To join
    the global top three, Samsung will need to leapfrog several other
    leading high-tech players such as International Business Machines,
    Siemens, Hitachi, Matsush*ta and Hewlett Packard.
    According to the
    U.S.-based magazine Fortune, Samsung was the world’s sixth-largest
    info-tech or electronics corporation last year following the
    above-mentioned five powerhouses.
    “To achieve the top-three target,
    we are determined to increase the number of our world No. 1 products,
    from the current eight to more than 20 products,’’ the 61-year-old Yun
    said.
    Currently, Samsung is in the driver’s seat supplying such
    items as liquid crystal displays, memory chips and code division
    multiple access (CDMA) mobile handsets.
    Yun picked eight growth
    engines to reach the goal; large-storage memory chips, displays, mobile
    communications, digital TVs, printers, semiconductor systems, mass
    storage and air control systems.
    On top of the eight short and
    medium-term growth phases, Yun identified four long-run businesses in
    personal multimedia devices, home networks, ubiquitous health and home
    care robots.
    “All the future cash cows will be nurtured via
    in-house innovation efforts in six segments _ product, technology,
    marketing, process, global operation and corporate culture,’’ the
    lifelong Samsung employee noted.
    Action Plans
    After Yun presented
    the five-year master plan at the two-day event attended by about 300
    analysts at home and abroad, the heads of the firm’s business divisions
    followed with their own action plans.
    Samsung chief technology
    officer and vice chairman Lee Yoon-woo predicted the firm’s research
    staff would reach 52,000 in 2010, representing about 32 percent of the
    company’s employees. The current number of 26,000 out of 100,000-plus
    workers amounts to about 24 percent of employees.
    “On the back of
    this powerful research investment, we aspire to be one of the top three
    companies in new patent holdings by 2007,’’ Lee said.
    President
    Hwang Chang-gyu, who is in charge of the semiconductor business, said
    Samsung plans to achieve $61 billion in sales with 24 domestic
    fabrication plants and research labs by 2012.
    President Lee Ki-tae,
    who takes charge of the mobile phone sector, showed a visionary
    strategy of combining all digital devices into a cell phone for an
    all-in-one terminal.
    In particular, Lee demonstrated Samsung is at
    the forefront of digital convergence by showcasing the world’s first
    handset with a built-in 8-megapixel camera, which is likely to hit the
    local market his month.
    “We will continue our tactics of
    maintaining a premium brand. Through raising awareness of our high-end
    products in the minds of end users, we will sustain high-flying selling
    prices and profitability,’’ Lee said.
    President Lee Sang-wan said
    Samsung is intent on doubling turnover from the sales of liquid crystal
    display to $20 billion by 2010.
    President Choi Gee-sung at the
    digital media division said the company will lead the expansion of the
    digital consumer world by achieving $30 billion in sales by 2008.