Samsung eyes bigger spending

Samsung Electronics Co., the world's biggest memory chip supplier and the second-largest mobile phone maker, will aggressively seek investments and acquisitions to secure future growth, its chief executive said Monday. Choi Gee-sung, vice chairman and CEO of the tech heavyweight, also urged the company to search for new business opportunities, such as healthcare, and expand its presence in emerging markets. "To secure new growth engines, (Samsung) should push for investments and mergers and acquisitions more aggressively," Choi said in a statement for the 42nd anniversary of the company's founding. Despite the global economic downturn that has forced many players in the technology industry to cut down on spending, local media reported that Samsung may increase its capital spending on semiconductors to a record-high next year. Samsung said its investment plan for 2012 will be announced during its fourth quarter earnings release in January. This year, Samsung allocated 10.3 trillion won for investment in semiconductors, 5.4 trillion won in liquid-crystal display (LCD) panels and 5.4 trillion won in new displays called OLED. The company plans to spend 23 trillion won on its healthcare business through 2020, as it aims to diversify its business portfolios beyond semiconductors, TVs, mobile phones and home appliances. Samsung acquired the diagnostic ultrasound maker Medison earlier this year, thus far its biggest bet to break into the new sector. The company, which surpassed Apple Inc. in the third quarter in terms of smartphone shipments worldwide, will continue to step up its mobile software business, the chief executive said.