Reducing Activities: company scaling back some business operations while continuing others
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Samsung is a South Korean multinational manufacturing conglomerate. It comprises numerous affiliated businesses, most of them united under the Samsung brand, and is the largest South Korean business conglomerate.
Reducing Activities: company scaling back some business operations while continuing others
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Global 500Top 100 largest companies in Russia by revenue
Top 100Samsung Electronics is No.1 in handsets in Russia with 30% market share as of the fourth quarter of 2021. The first contract production was launched at the Kaluga enterprise of South Korean Samsung. The former Kaluga Samsung plant has been re-equipped to assemble servers. The plant is leased by the Russian distributor VVP Group. The equipment is assembled under the brand of the Russian electronics manufacturer Graviton, sources say. In September, a representative of Graviton reported that the company had begun assembling monitors for the public sector at the Kaluga Samsung plant. Samsung is recruiting employees en masse at its factories and warehouses in the Kaluga and Moscow regions. According to locals, work is in full swing at the South Korean company's production facilities.
Samsung Electronics suspended all shipments to Russia but continues operating r&d center in Moscow and collaborating with government science institutions sharing advanced technologies. Samsung Electronics said nothing had been decided after a newspaper reported the company https://www.reuters.com/technology/samsung-expects-return-russian-market-this-year-izvestia-newspaper-2022-09-14/ was expected to return to the Russian market this year, six months after suspending shipments following the invasion of Ukraine. The Russian authorities are "losing patience" with electronics manufacturers Samsung and LG and are preparing to ban their equipment in the country because they refuse to sell their plants in the Kaluga and Moscow regions. And although Russian vendors, including Lex, Kuppersberg, Schaub Lorenz and others, were actively interested in buying these capacities, they could not come to an agreement, since South Korean manufacturers do not give in on the price. Decreased revenue in 2023 vs 2022. Samsung Electronics said a decision on whether to resume business in the country has not yet been made. “Samsung Electronics’ smartphone and home appliance business remains suspended in Russia, and whether we will resume operations there has not yet been decided,” a Samsung spokesperson said.