▲ Samsung Electronics Co. Vice Chairman Han Jong-hee speaks at an annual shareholders meeting in Suwon, south of Seoul, on March 16, 2022. (Joint Press Corps-Yonhap)

Samsung-shareholders meeting

M&A deals in offing, more support for Ukraine to be considered: Samsung's top exec

SEOUL, March 16 (Yonhap) -- Samsung Electronics Co. is reviewing acquisition opportunities in various sectors, its top executive said Wednesday, as the tech giant seeks to expand its business and find a new growth engine.

"While it is hard to tell you when, due to uncertainties at home and abroad, we are looking at any target if it could help the company's sustainable growth and improve shareholders' value," Vice Chairman Han Jong-hee said during an annual shareholders meeting in Suwon, south of Seoul.

"We are not placing a limit on a type or a size (of an M&A deal) and studying a variety of sectors, including artificial intelligence and 5G vehicle electronic components, for a possible new growth engine" he said.

But he declined to elaborate further, citing the confidential nature of the subject.

Samsung has been eying a new M&A deal for years.

At the CES 2022, Han also said the company was extensively reviewing M&A opportunities in various industries.

"We are moving faster than you might think. We are open to every possibility, and I think we can deliver good news sooner or later," he said at that time.

The last major M&A deal of Samsung, the world's largest memory chip and smartphone vendor, came in 2016, when it acquired U.S.-based Harman International Industries, specializing in connected car solutions, for US$8 billion.

Asked if Samsung was mulling a withdrawal from Russia, Han said the company was "looking carefully" at the development of economic sanctions against Russia over its invasion of Ukraine.

"We will devise a number of contingency plans to minimize any impact on our business," he said, adding that the company will review additional humanitarian support for Ukrainians.

Samsung has temporarily suspended product shipments to Russia due to major disruptions in global logistics over the geopolitical unrest. But its TV factory in Kaluga, southwest of Moscow, is in normal operation, the company said.

The tech giant donated $6 million to support humanitarian efforts for Ukrainian refugees, including $1 million in consumer electronics products.

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