The Samsung conglomerate said it will invest more than $22 billion over the next three years to target such areas as artificial intelligence and auto-technology components, as it seeks out growth drivers beyond phones and memory chips. The bulk of the spending will be earmarked for Samsung Electronics Co., the conglomerate's crown jewel. The company is the world's No. 1 maker of smartphones, semiconductors and televisions and last year put more toward capital expenditures than any other publicly traded company, Samsung said it would invest heavily in four key areas through 2020. Auto tech, artificial intelligence and new fifth-generation, or 5G, cellular technology--all of which that fall under Samsung's umbrella--will draw funding, as will its nascent drug companies specializing in contract manufacturing and biosimilar medications. It didn't provide a specific breakdown of the new investments, but the spending represents Samsung's broadest investment in new business pursuits since 2010.
Aug-9-2018, 05:54:58 GMT