Samsung Electronics Merges with Samsung Digital Imaging
Samsung Electronics Co., Ltd., a global leader in digital media and digital convergence technologies, merged with Samsung Digital Imaging Co., Ltd., an affiliated company which produces digital cameras and imaging technology.
The merger, which was approved by shareholders on February 23 at Samsung Digital Imaging’s Annual General Meeting in Suwon, Korea, will enhance the digital camera unit’s competiveness by maximizing operational, brand and technological synergies with Samsung Electronics.
“This union will advance our goal of becoming a global leader in the digital imaging market through the enhancement of synergies and competitiveness in all areas of our business. We want Samsung to be recognized as a leader in digital imaging, just as we are now acknowledged as an innovator and market leader in mobile handsets, TVs and other product areas,” said Sangjin Park, CEO of Samsung Digital Imaging.
Samsung Digital Imaging’s core competencies in optics and lens technology will combine with Samsung Electronics’ strengths in marketing, design, software and supply chain management to create value-add synergies. The addition of digital imaging will complement Samsung Electronics’ existing product lines across consumer electronics, IT solutions and home appliances, allowing for greater compatibility and leveraging the company’s market leadership position.
Utilizing Samsung Electronics’ global sales, channel partnerships and marketing network, the company aims to achieve a digital camera market share of 20 percent with sales of 5 trillion Korean won by 2012.
“In 2010, Samsung will continue to introduce the world’s first and best products with user-centered innovative designs and features that meet consumer needs, pioneering the evolution of digital imaging and the industry as a whole,” Mr. Park said.
Samsung began developing film cameras in 1979 and has led the growth of the digital imaging market through its advanced technology and innovation. Samsung Digital Imaging was established as a standalone affiliate in February 2009, spinning off from Samsung Techwin Co., Ltd. Samsung Electronics announced the plan to absorb Samsung Digital Imaging in December 2009. The merger ratio of the two companies is Samsung Electronics: Samsung Digital Imaging = 1:0.0577663.