Friday, January 16, 2009

Samsung restructure to overcome tough times ahead

Samsung Electronics Co Ltd, one of the largest company in South Korea, said has restructured itself and to streamline its businesses in light of the global economy slowdown.

The electronics giant has reorganised itself into two major divisions. Its chip and LCD units will be merged into one division, while its digital media and telecommunications units will be merged into another division.

The company also announced that executive salaries will be cut by as much as 20 per cent, and also plans to reduce employees' benefits.

It is still unclear if the Samsung will consider spinning off one of its "new" division, into a separate listing entity.
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