Samsung to invest US$24 billion in new chip lines

December 7, 2004 – South Korea’s Samsung Electronics Co. said yesterday it would invest some 25 trillion won (US$24 billion) in building new chip production lines over the next six years with a sales target of 200 trillion won (US$192 billion) by 2010, said various foreign news agencies.

The investment plan was unveiled by Samsung Group Chairman Lee Kun-Hee at a meeting with Samsung Electronics executives to mark the firm’s 30th anniversary of launching its semiconductor business.

“Preemptive investment is critical to success in the chip industry,” Lee said in a statement.

The company expects its chip investment to create 10,000 new jobs.

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