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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.
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