TOKYO (02/01/2000) - Samsung Electronics Co. Ltd., with an eye on carving out a larger market share in the fast-growing digital multimedia sector, has formed a new Digital Media Business Group to consolidate the company's work in various multimedia fields.
The new group will be sub-divided into six business divisions: digital visual media, digital video, digital printers, computer systems, optical disk drives and displays. It will be headed by Samsung Electronics' Chief Technical Officer Daeje Chin, who takes the position of president, the company said in a statement yesterday.
With the creation of the new group, Samsung says it is planning to become the world leader in the digital TV and laser and ink-jet printer markets. The company is already a leading manufacturer in many of the consumer electronics product areas coming under the new group, claiming to be No. 1 in the world in the monitor sector, No. 3 in VCR production, No. 4 in camcorder production, and No. 5 in DVD (digital versatile disc) player production.
The computer systems division will be formed from the company's existing personal computer business and new businesses such as Internet products and portable information devices.
In addition to consolidating its existing units, the company is also planning to work with other companies through strategic alliances to help fill spots in its expertise. A 150 billion won (US$133.5 million) venture investment fund has been created by the company through which to fund projects developed with 10 to 15 companies over the next three years, it said.
Samsung has recently been moving into the Internet sector through a series of investments and plans to become a major force in the digital multimedia sector.
Samsung Electronics is in Seoul and can be reached online at http://www.samsungelectronics.com.