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Biz News Korea(Eng)
Korea’s top 3 conglomerates spend 8% of last year’s net profit on suppliers
- Collected
- 2016.08.29
- Distributed
- 2016.08.30
- Source
- Go Direct
According to the Fair Trade Commission on Sunday, last year, Samsung Group spent 919.9 billion won ($816.9 million) - or 5.7 percent of its annual net profit of 16 trillion won - on its contractors. Hyundai Motor Group also channeled 853.4 billion won out of its 11.7 trillion won net profit to help out its suppliers last year while LG Group spent 788.6 billion won of 3.2 trillion won. The fair trade agency said that in total, about 8 percent of the country’s top three conglomerates’ net profit was funneled into their contracting firms, and those small- and medium-sized suppliers who have received financial assistance from the conglomerates have invested more on technology development, which in return allows large companies to save more on costs and improve product quality.
According to the FTC, Philoptics Co., a display equipment manufacturer was able to develop indigenous technology of exquisitely cutting glass substrates after it received money from Samsung Display Co. Hwaseung Exwill Co., a manufacturer of industrial rubber products that received support from Hyundai Steel Co., was also able to develop a colored conveyor belt that can distinguish the degree of abrasions with naked eye. The new technology is expected to add 3 billion won worth of fresh sales for Hwaseung Exwill in the next three year and allow Hyundai Steel to save about 800 million won on conveyor belt spending.
By Na Hyun-joon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]