October 27, 2014: South Korean-based Samsung Electronics Co Ltd announced that it has discontinued its LED light business in all overseas markets except only South Korea.
Samsung exits global LED lamps business
Samsung confirmed that it has quit its LED lights business in all global markets as it wants to focus on its core business, that is, LED components.
?We have discontinued LED lamp business in all global markets, except in south Korea because now we want to focus more of our valuable resources on our core businesses. We will, however, do business in the LED industry through ourcore business, that is, LED component business. We will continue to offer high quality LED products as well as provide best services to our customers, ? said a company press release. Samsung is the second company to shut down LED lamps business, with Philips being the first.
Large LED lighting companies are struggling to compete with the aggressively lower pricing of smaller Asian companies, particularly those from China. Samsung is usually considered as an emerging company and is expected that it would likely break into LED lighting?s ?big four? companies due to its good marketing budgets. It is also considered as a giant due to its consumer-centric LED products and the expertise it has in LED business.
In 2010, Samsung had identified the LED lighting market as a new business potential sector, after Lee Kun-hee became the chairman of Samsung Electronics.