Samsung Electronics to shut down sole China TV factory by November

By: |
September 7, 2020 4:12 PM

The TV factory in Tianjin is the only Samsung Electronics TV production base in China, the spokesman said. The decision is part of "ongoing efforts to enhance efficiency" in its production facilities, Samsung said in a statement earlier

The factory has a total of about 300 workers, Yonhap news agency reported earlier on Monday. Samsung declined to comment on the number of workers.

Samsung Electronics has decided to shut its only TV factory in China by the end of November, a spokesman said on Monday, the latest in a series of moves by the South Korean firm to shift production from the world’s second-largest economy.

The TV factory in Tianjin is the only Samsung Electronics TV production base in China, the spokesman said. The decision is part of “ongoing efforts to enhance efficiency” in its production facilities, Samsung said in a statement earlier.

The factory has a total of about 300 workers, Yonhap news agency reported earlier on Monday. Samsung declined to comment on the number of workers.

The latest exit leaves Samsung Electronics in China with a home appliance factory in Suzhou and chip production facilities in Suzhou and Xian.

The decision follows Samsung Electronics’ display unit confirming separately last week that it is selling off a majority stake in its Suzhou liquid crystal display (LCD) production unit to TCL Technology Group Corp’s Star Optoelectronics Technology unit.

Samsung Display said in March it decided to end all of its production of LCD panels in South Korea and China by the end of this year. In August, Samsung said it will halt operations of its last computer factory in China.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Online festive sales to be bigger than last year: People to buy 50% more, beat coronavirus blues
2Anil Agarwal gearing up to raise a turnaround fund with Centricus
3Apple’s festive cheer for fans: Soon, buy iPhone, iMac from online store ahead of this Diwali