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samsung scales down led lighting as outlook dims

by:Demo     2020-08-29
SEOUL (Reuters)-
Samsung Electronics Co. Ltd. said Monday it would stop its LEDs (LED)
The lighting business outside Korea has scaled back four years after it was identified as a key growth business.
Followed by the recent decision by Dutch rival Philips to withdraw from its century-
Old lighting business
While the LED boom has upended the global incandescent lighting industry, the price war has cut profitability to levels deemed too unattractive in the long run.
Analysts say Samsung\'s exit reflects a growing competition among Chinese manufacturers despite strong demand for LED lighting.
LED lights are 10 times longer than fluorescent lamps and 100 times longer than traditional incandescent lamps.
\"Samsung seems to have decided to give up the business because the price competition is so fierce that there is not much room for growth in the future,\" Seoul said . \"
Li Min, investment analysthee.
Philips said in September it would spin off its lighting business to expand its market share.
Profits in the health care and consumer sectors.
Two months ago, Osram Licht AG, who also produced LED lights, announced
Layoffs including nearly 8,000 layoffs.
A spokesman for Samsung Electronics said the business\'s revenue contribution was small but did not comment on the specifics, including how much Samsung has invested.
\"We will remain active in the LED industry through our LED component business,\" Samsung said in an email statement, adding that, it will focus on areas such as backlight of consumer goods monitors such as televisions.
Samsung\'s decision also highlights the challenges facing the company and Samsung Group in nurturing new growth momentum.
Samsung Electronics is struggling with the decline in profits from the world\'s largest smartphone business-
Hee has been hospitalized since a heart attack.
In 2010, Samsung Group identified LED rechargeable batteries for hybrid vehicles, solar cells, medical devices and bio-pharmaceutical as the group\'s new growth drivers and projected them to generate 50 trillion won$47. 5 billion)
Annual income of its subsidiaries as of 2020.
But most of the group\'s business in these businesses has gained traction.
While Samsung SDI Limited offers electric vehicle batteries to BMW, a German high-end carmaker, other businesses have yet to show significant revenue growth.
Identifying and developing new growth drivers will be a key test for Jay Y.
When Li took control of the group from his father.
There is media speculation that Samsung may also withdraw from the solar business.
A Samsung SDI spokesman said the company continued its research and development in the field, but analysts said the recent decline in oil prices and the entry of Chinese companies hurt the market outlook.
\"These moves also show us Jay Y.
Li\'s management style has now been in charge for five months . \"
Gun, head of company regulator CEO Score.
\"He is moving away from businesses like solar and LED lighting and seems to be putting more resources into the software or platform --
He noted that Samsung Electronics acquired SmartThings, a home automation startup, in August, and Lee recently met with Facebook Inc. CEO Mark Zuckerberg in Seoul.
Samsung Electronics shares closed at 1.
Fell 5% on Monday, poor performance 0.
The overall market rose 3%, but the exit response to LED lighting was mild. (
$1 = 1,052Won 6100)
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