Samsung to focus on healthcare business
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Samsung S-1 Corp. CEO Yook Hyun-pyo, center, answers questions from reporters upon his arrival at Samsung Group’s Seocho office, southern Seoul, to participate in Wednesday’s weekly regular meeting of presidents of Samsung affiliates. Yook was promoted to CEO of the group’s personal security unit during this week’s management reshuffle. / Yonhap
Company in talks with Samsung Techwin for compensation
By Kim Yoo-chul
Samsung Electronics chiefs are looking for new earnings sources in the biotechnology and healthcare fields.
Presidents of Samsung Group's key affiliates and divisions were briefed about the ongoing global trends in the sectors by Seoul National University professor Park Tae-hyun during a regular weekly meeting at the company’s Seocho office in southern Seoul, Wednesday.
Park urged Samsung to continue investing in biotechnology ventures and other relevant businesses for corporate sustainability.
Samsung has identified biosimilars, medical equipment, car and solar batteries, and LEDs as its next major revenue streams.
For its healthcare business, Samsung is teaming up with General Electric of the United States and Siemens of Germany. The company has made a number of healthcare acquisitions for undisclosed amounts in recent years.
Samsung presidents told reporters that they will try hard to boost the bottom line of their businesses. They admitted that the firm has recently been facing fierce competition from its chief rivals.
"I will do my very best," Samsung SDI President Cho Nam-seong told reporters. "My mission is to improve profits," said the firm's television chief Kim Hyun-seok, who was promoted to the position of president during this week's management shakeup.
Separately, chief Samsung communications officer Lee Joon said the company will start talks with representatives of Samsung Techwin employees for proper compensation after the conglomerate decided to divest itself of its defense and chemical units.
"We have yet to start talks with employees of four affiliates, which will be sold to Hanwha. We are in the process of setting up a committee for compensation," Lee told reporters.
Samsung agreed with mid-tier local conglomerate Hanwha to sell the entire assets in its four chemical and defense affiliates for 2 trillion won in accordance with group-wide moves for restructuring ahead of a generational ownership succession.
The decision annoyed employees of those affiliates affected, resulting in them releasing a statement voicing their opposition to the deals.