Samsung Electronics Vice Chairman Han Jong-hee announced at a press conference in Las Vegas that the company may pursue megasized mergers and acquisitions (M&A) this year to strengthen its position in the global market. Over the past three years, Samsung has invested in 260 venture firms across five business sectors. Han noted that the company has been continuously seeking M&A targets despite unfavorable conditions such as the COVID-19 pandemic and global economic downturn.
This is not the first time Samsung has hinted at plans for large-scale acquisitions. Last year, the company expressed interest in acquiring Rainbow Robotics, a local humanoid robotics company. Despite a warning of worse-than-expected earnings for the fourth quarter of 2023, Samsung expressed confidence in its vision for AI leadership at the ongoing CES 2024 event and plans to unveil its flagship smartphone Galaxy S24 next week in California. Additionally, the company introduced its new AI companion robot, Ballie, at the tech show.
The press event also came after Samsung virtually stopped its megasized corporate acquisitions following the acquisition of Harman, a US automotive electronics maker, in 2017. The company’s operating profits in the fourth quarter of 2023 were estimated to have suffered an 85 percent fall. Han said that the company will take a step-by-step approach to improve its performance this year.
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