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Samsung Seeks to Double Sales
Nov 3, 2005
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Samsung Electronics Co. set a series of goals including more than doubling sales and seizing top global market share in 20 products by 2010, top executives said.

CEO Yun Jong-yong and other officials met for the first time with industry analysts and investors to share information about the company's outlook and showcase its emergence as a manufacturer of both consumer electronics and key components like memory chips that make them work. Jong-yong said Samsung aimed to be "one of the top three electronics companies in the world in quantity and quality by 2010, by increasing the number of our leading market share products from the current eight to more than 20 products and also by more than doubling our 2004 sales." The company recorded sales of 78.9 trillion won (approx. U.S. $76 billion) in 2004.

The company, which employees over 113,000 people in 48 countries, said that holding the special session for analysts, investors and experts in information technology was to increase "the confidence shareholders have in Samsung."

In September, the company announced a seven-year, $33 billion capital investment plan that it expects to create 14,000 new jobs in South Korea. Semiconductor revenue will reach $61 billion in 2012 a near quadrupling from 2004.

"As of last year we has 26,000 R&D researchers," Lee Yoon-woo, Samsung's chief technology officer, told reporters. "We plan to increase that to 52,000 by 2010."

Samsung said last month that third-quarter net profit fell a sharp 30 percent from the year before, hit by lower chip prices and the U.S. price-fixing fine, two-thirds of which was booked in the three months ended Sept. 30. (BusinessWeek Online)

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