Samsung Electronics is set to pursue and snap up more companies spanning the globe in an aggressive move to cultivate its technology portfolio purely beyond the consumer-electronics market, according to reports online today.
A report by Bloomberg suggests that the world’s largest maker of TVs, smartphones and memory chips is on a global mission to ramp up its acquisitions of firms in order to grow beyond its core consumer-electronics market. This is in anticipation of what could happen if the consumer-tech market reaches saturation point.
South Korea-headquartered giant Samsung’s chief financial officer Lee Sang Hoon gave a briefing in Seoul today in which he detailed the company’s plans.
Today Samsung is holding its biggest analyst-briefing meeting since 2005.
Lee detailed in Seoul earlier how the Galaxy smartphone pioneer will be more "aggressive" in pursuing and closing deals, referring to how Samsung invested in 14 companies since 2010.
"We will expand our mergers-and-acquisitions strategy beyond a few target areas to pursue opportunities across a wide range of fields," said Lee.
He added Samsung is in pursuit of improving the "competitive edge" of its current businesses in order to chase and capture new opportunities for future growth.
Samsung recently announced its revenue for the period from July to September 2013. It increased revenue 13pc to reach a record high of 59.08trn won (about €40.25bn), the company said at the time.
"Although we expect demand to increase next quarter due to peak seasonality, lingering macro-economic issues and intensifying market competition will remain in the fourth quarter," Robert Yi, Samsung’s head of investor relations, had said.
In late October, analysis from Counterpoint suggested that Apple took the No 1 position from Samsung in the US smartphone market in September.
It now appears that Samsung is on a drive to better integrate its software and hardware divisions.
Night-time Samsung Town in Seoul, South Korea, image via ben bryan/Shutterstock