Samsung Electronics dims prospects for LED lighting business
In 2010 the Samsung Group identified LED, rechargeable cells for hybrid electric cars, solar cells, medical devices and biopharmaceuticals as five areas singled out as being new growth drivers for the organization.
At the time, the group forecast the businesses would generate $47.5 billion in annual revenues by 2020 for its affiliates including Samsung Electronics.
However, Samsung Electronics has struggled to be competitive in the global LED lighting market having failed to impact established rivals such as Philips and Osram in advanced markets. At the same the Korean graint has been under pressure from Chinese competitors in emerging markets.
Samsung Electronics revealed in an emailed statement that it "will remain active in the LED industry through our LED component business". The company is expected to focus on backlighting for displays of consumer products like televisions.
Since 2010 Samsung Group affiliates have struggled to make much headway in the five growth areas that were originally targeted.
Although Samsung SDI Co Ltd is supplying BMW with electric vehicle batteries other Samsung companies have struggled to penetrate the target growth areas. Solar cell technology is one of the other areas that have failed to gain traction.
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