(Bloomberg) – Samsung Group announced a 240 trillion won ($ 205 billion) expansion that will include hiring 40,000 people over three years.
Samsung Electronics Co. and affiliates such as Samsung Biologics aim to direct research and spending in areas from telecommunications and robotics to corporate acquisitions. The largest conglomerate in the country is providing 180 trillion won for its home country alone and now wants to hire another 10,000 people in addition to the 30,000 new jobs in this period, the group said in a statement. Samsung Electronics shares closed 3.1% higher on Tuesday.
Planned expenses include the expenses outlined above, such as Samsung Electronics’ long-term goal to invest $ 151 billion by 2030 to delve deeper into advanced chip manufacturing. But the announcement comes days after Samsung scion Jay Y. Lee left prison. The conglomerate’s de facto leader, who was serving a prison sentence for a transplant, was released on parole just months before the presidential elections in South Korea.
Read more: Korea Reveals $ 450 Billion For Global Chip Manufacturing Crown
Lee, 53, was sent back to prison for the second time in January after being convicted of bribery to seek support for his formal successor in the conglomerate. The billionaire had served six of the 18 months he was supposed to be behind bars during his second term, in addition to the year he was incarcerated before his first release in 2018.
In the months following his imprisonment, a supply crisis in the global semiconductor industry and Samsung’s role in brokering a Covid-19 vaccine deal with the United States sparked calls from business leaders and politicians to release Lee. Still, activists have criticized the decision, saying it was evidence of preferential treatment for the powerful tycoon class known as the chaebols.
Why Samsung’s Billionaire Heir Is In Jail: QuickTake
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(Updates with Samsung Share Action from the second paragraph)
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