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Samsung Prepares For Expansion

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*November 8, 2005 - *Semiconductor giant Samsung announced last week its plans for dramatic expansion by 2010. The company today announced that it will massively beef up its research and development, hiring 30,000 staff over the next five years and investing 47 trillion won ($47 billion). The ultimate aim? To boost sales to 270 trillion won, pre-tax profit to 30 trillion won, and brand value to $70 billion.

Samsung is not focusing on cameras, but rather nanotechnology, mobile communications, displays, high value-added shipbuilding, and of course semiconductors.

According to Yun Jong-yong, chief executive officer, Samsung hopes to be "one of the top three electronics companies in the world in quantity and quality by 2010, by increasing the number of our leading market-share products from the current eight to more than 20 products and also by more than doubling our 2004 sales."

Sales last year were 78.9 trillion won (US $76 billion).

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