Samsung cuts down LED lighting business

Samsung will cut down its light emitting diode (LED) lighting business across the globe, and will only develop this part of its business in South Korea in the future. The reason for the decision is that the revenue contribution from the business is smaller than expected and price competition is higher than ever.

Previously Samsung considered the areas of LED, rechargeable cells for hybrid electric cars, solar cells, medical devices and biopharmaceuticals as new growth drivers. The company has expected that this particular part of its business will generate 50 trillion won ($47.5 billion) in annual revenues by 2020. However, these plans didn't come true.

The company will still remain active in the LED industry through the LED component business, focusing on areas such as backlighting for displays of consumer products like televisions.

"We will remain active in the LED industry through our LED component business," Samsung Electronics said in a statement.

Read the full Reuters story -here-

• US Treasury says it was hacked by China in 'major incident'
• Huge Volkswagen data leak exposed the locations of 460,000 EV drivers
• OpenAI announces plan to transform into a for-profit company
• Hertz is asking EV renters if they want to keep it, permanently
• Google TV now has over 170 free channels
• OpenAI announces new o3 models