The Samsung Group is strategically moving towards reducing its focus on the solar energy business, and will instead lay more emphasis on strengthening its medical devices business, along with a few other promising business areas. It was announced by Samsung on October 5 that it will restructure a part of its core businesses.
Besides medical devices, Samsung will also invest increasingly in LED solar energy, electric vehicle batteries, and medical devices.
Besides medical devices, Samsung will also invest increasingly in LED solar energy, electric vehicle batteries, and medical devices.
According to a spokesperson of the Samsung Group, the business circumstances have undergone a change, and the company has felt a need to keep up with the same. The official said that the plan that was launched about four years ago is on the verge of being outmoded. Hence, the company is now on track to overhaul its previously launched scheme.
While Samsung was initially optimistic about the prospects of investing in solar cells, this business arm has not yielded the desired results. This has prompted the company to look towards newer, emerging growth avenues that will likely prove profitable.
Samsung Group’s affiliate—Samsung SDI—has of late reported massive losses from its solar projects. One of its very ambitious projects, a high-efficiency thin film solar cell endeavor, will expire at the end of 2014. This is yet another reason for the company to scale down its projects centered on solar technology.
On the other side, the Samsung Group has made it clear that its interests now lie in the medical devices market, especially in areas such as the Middle East and Europe. In these regions, heavy investments are currently being made to scale up the medical infrastructure.
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