Samsung to build £600m electronics factory at Teeside
Wednesday 22 February 1995
The world's 14th largest company, according to Fortune magazine, also intends to invest in several social welfare projects.
Samsung is renowned in South Korea for its social responsibility, and is believed to have studied Cadbury's Bournville community in the west Midlands.
The company, which is building a £600m electronics factory on Teeside, will next week unveil a five-year plan to expand in the UK and Europe. Like Japanese and other South Korean companies, Samsung wants to globalise its manufacturing operations and intends to use the UK as its bridge into the EU.
Next week's announcement will include detailed plans for investments in community projects alongside its factories and offices. The company is believed to be considering building housing and community centres.
Samsung has been impressed by Bournville, one of several towns established by philanthropists last century. A source said the company has a "vision to build a community''.
It is unclear whether the headquarters would be built in London, or at the Teeside plant. Samsung already has an electronics division in Frankfurt, but wants to establish a centre for its other divisions - engineering, chemicals and financial services.
All these operations will be developed in Europe, with the headquarters employing up to 500 people within five years.
Samsung is the biggest and oldest of South Korea's family-owned business empires. Its chairman has been known to telephone offices in the evening, chastising employees for working late when they should be at home with their families.
The new president of the European operation is to be Sung Rai Choi.
As well as the Teeside electronics plant, Samsung plans a UK excavator manufacturing plant, and may form a joint venture in Europe with NEC to build a computer chip factory. There has also been talk of Samsung entering into car manufacturing.
Germany has so far attracted most South Korean investment in Europe, with 20 per cent of the total. The UK is second with 16 per cent, but that is likely to change. Daewoo and Mitsubishi are both increasing their UK investment.
- 1 Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
- 2 Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 The secret report that helps Israel hide facts
- 5 Israel's propaganda machine is finally starting to misfire
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...