By Kim Yoo-chul
Staff Reporter
Samsung Electronics has reaffirmed its strong will to have more M&As to accelerate its ongoing move to find next growth engines amid intensifying competition between global rivals.
``We will pursue M&As at any time, if necessary,’’ Samsung CEO Yun Jong-yong told reporters upon arrival at Gimpo International Airport from India Wednesday evening.
``There is no limit in M&As and this means that any companies, even those in emerging markets armed with technology, could be targeted,’’ Yun said.
The comments came after Samsung bought Tel Aviv-based TransChip, a non-memory chip developer, for $70 million, its first takeover in a decade.
Samsung is reportedly closer to finalizing merger talks with two or three other overseas firms in the non-memory sector and Samsung officials say the result may come out by the end of the year.
Yun said Samsung will push for a bigger slice in emerging Asian markets including India, China and Russia.
``North America and Europe have already reached saturation points. Therefore we should not lose these emerging markets,’’ Yun said, adding that he expects Indian, Chinese and Russian economies to rise by 8 to 10 percent annually.
On Wednesday, Samsung began producing 21- and 29-inch flat and LCD TVs in its newest $30 million Chennai plant in India.
``We will achieve more than 40 percent increase in sales annually in the Indian market,’’ Yun said.
Samsung will invest a total of $100 million in the plant over the next five years and end the year with revenues of around $1.3 billion, a 20-percent gain over last year.