February 26, 1998 in Social Responsibility News

SAMSUNG Electronics Enters into the Latin American Appliance Market

SEOUL, Korea - February 26, 1998 - Samsung Electronics Co., Ltd., announced the signing of the refrigerator technology/mold supply contract with Unilemh Co., Colombia's fourth-largest electronics maker.
In addition, large (400 liters or more) refrigerator models produced by Unilemh, will be sold locally under the Samsung brand; the OEM production arrangement with Unilemh Co. indicates a major point of progress for Samsung in the Latin American market.

This year, Samsung will export the molds for 400-liter and 460-liter refrigerator models, and the technology concerning non-CFC, as well as indirect cooling methods. In return for the technology, Samsung will be paid over US$1 million up front and a preset royalty on the units produced.

Aside from the above contract, Samsung is also to supply a large portion of its compressors independently to Unilemh. Thus, company officials are expecting at least $5 million (in components) from export revenues -- over the next three years.

In Latin America, so far through its audio/video products, Samsung has established its image as a top solid quality maker; thus, company officials expect the same kind of mutual recognition to be achieved through its home appliances.

Samsung Electronics Co., Ltd., a US $19 billion flagship company of Korean-based the Samsung Group, is a world leader in electronics, with operations in more than 60 countries.


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