Samsung announces record capital spending plan
Samsung Electronics has announced it will invest 26trillion won ($22.9billion) on manufacturing facilities and development in 2010.
The South Korean chip manufacturer says it plans to take advantage of improving global market conditions and strengthen its position in the memory and lcd panel sectors.
Samsung said it would spend 18tr won on facilities, 11tr won on its chip business and 5tr won on its lcd business. The remaining monies will be spent on new facilities for the handset and television operations.
The investment more than triples its outlay in capital spending and research and development and, Samsung expects that new production facilities will amount to around 10,000 new workers this year.
Chairman Lee Kun-hee (pictured) said: "Although the global economic environment and business conditions remain changeable and uncertain, if we invest aggressively in expanding facilities and in hiring then these circumstances also present Samsung an opportunity for future growth and to stimulate the economy."
