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Biz News Korea(Eng)
Samsung Elec to compensate suppliers for discontinued sale of Galaxy Note 7
- Collected
- 2016.10.19
- Distributed
- 2016.10.20
- Source
- Go Direct
The world’s leading smartphone maker announced on Tuesday that it would fully compensate for inventories of finished and half-made products and raw materials for manufacturing. The damages to over 70 subcontractors would cost from 200 billion won ($176 million) to 300 billion won.
The company will carry out compensation as soon as it checks inventory status of the component makers.
Samsung Electronics estimated losses from full refund and other fixed cost from discontinuation of its newest premium phone as well as revenue loss would translate into near $6 billion dent on the balance sheet until the first quarter of next year. The company usually launches new series in Galaxy S in spring and Galaxy Note in late summer or fall.
The world’s top smartphone maker also said it will allocate orders for other models to the suppliers so that their production lines won’t be disrupted from the discontinuation of Note7. It will help out in technical support for its component makers to apply the higher-generation facilities customized for cutting-edge Note7 phones for other models.
The first round of compensation program is targeted for the primary suppliers. Similar actions will be provided to others lower in the supply chain.
Samsung Electronics shares closed Tuesday at 1,581,000 won, down 9,000 won or 0.57 percent from the previous session.
By Lee Seung-hoon
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