Samsung Targets $10 Bil. in Appliance Sales
By Kim Yoo-chul
Staff Reporter
Samsung Electronics Tuesday revised this year's sales target in its home appliance unit by close to 50 percent.
"Samsung's home appliance unit is forecast to reap over $10 billion, or 13 trillion won, in sales," Choi Jin-kyun, executive vice president of the company's digital media business, told reporters.
By revenue, Samsung's home appliance unit made 6.7 trillion won in sales, or about $5 billion, in 2007 ― an increase of 30 percent from the previous year.
"We are planning to get some 50 percent of annual sales from 11 key markets," Choi said.
The company is planning to introduce "localized" products fit for given markets, he said.
"Samsung is considering tie-ups with local distributors in BRIC countries," Choi said.
Regarding a strategy in the saturated but developed North American market, Choi said Samsung will raise its market share to a maximum 13 percent across the board, from air-conditioners to refrigerators.
"The North American home appliance market has the potential to grow 3 percent annually because of slow but steady demand for home products," he said.
Choi said Samsung doesn't have any immediate merger & acquisition (M&A) plan.
"GE's home appliance unit is not our concern," Choi said, adding his company doesn't want a bigger presence.