Pierre Briançon
Samsung Electronics said Tuesday that it is planning to invest some 240 trillion won ($206 billion) in the next three years in both its key chip-making industry and other growth areas such as robotics.
Korea's largest conglomerate didn't provide a breakdown of its future investment figures but said that new areas of interest, beside robotics, include biopharmaceuticals or artificial intelligence.
The group said it was notably planning to expand through mergers and acquisitions, adding that this "aggressive investment" was a "survival strategy."
"Once we lose our competitiveness, it is almost impossible to make a comeback," the group said in its statement.
The investment is 30% larger than the previous three-year plan announced in 2018. The company had been waiting for Lee's release to deploy its $82 billion cash pile.
The expected investment strategy came sooner than thought, and the company's stock price rose 3% Tuesday. It is unclear whether Samsung's $17 billion project to build a chip factory in the U.S. is included in this plan.
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(END) Dow Jones Newswires
August 24, 2021 06:04 ET (10:04 GMT)
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