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December 1, 1997updated 03 Sep 2016 1:04pm

SAMSUNG SHELVES FURTHER PLANS FOR INVESTMENTS

By CBR Staff Writer

In an ominous sign of what’s to come, Korean electronics giant Samsung Electronics Co Ltd has shelved plans for the time being to extend splash out $450m and extend its plant on Teesside, UK in response to the shaky stake of the Asian market. The company was set to increase its workforce at the plant from 1,400 to 3,000, adding the manufacture of faxes and personal computers to its production line, extending its current microwave ovens, color televisions and computer monitors lines. The announcement follows last week’s decision to slash investment in Brazil and move around 30% of its 260,000 staff and the cutting of management salaries (CI No 3,300). Reports last week, denied by the company, suggested that it was considering delaying its $3bn investment in two semiconductor plants in Scotland. Samsung has emphasized that it has only postponed the plans in Teesside, but it has not been able to say when they will be resumed.

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