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PRESS RELEASE: Samsung Announces Plans to Integrate Digital Camera and Consumer Electronics Businesses
Las Vegas, NV (January 31, 2008) -- Samsung today formally announced plans to integrate the digital still camera business of Samsung Opto-Electronics America (SOA), Inc. with Samsung Electronics America's (SEA) consumer electronics business in March of 2008. The move is designed to leverage existing synergies between the two business units, create new competitive advantages and ultimately enhance the company's overall brand positioning. The integration announced today is the most recent in a series of initiatives that have fueled Samsung's progress toward becoming one of the world's leading digital imaging companies.
"Bringing the digital still camera business into the fold of our broader consumer electronics operations is the next logical step in the evolution of our digital imaging business," said Tim Baxter, executive vice president of sales and marketing at Samsung Electronics America. "Both groups bring inherent strengths and relationships to the table that will allow us to elevate our presence and offer a more comprehensive suite of digital lifestyle solutions to retailers and consumers."
Samsung has established some very aggressive goals for the digital imaging business, targeting a number three position among the world's top manufacturers by 2010. According to company officials, the integration plans announced today will enable the digital camera business to leverage SEA's existing relationships and strengths in the consumer electronics retail channel to help fuel its future growth. Similarly, the new relationship will enable the camcorder division of SEA to strengthen its presence in the photo specialty channel. SOA has devoted considerable resources and significantly elevated its position in the photo specialty market since the introduction of its flagship NV Series of high end compact cameras and its GX Series of DSLRs. In addition to the natural synergy created by joining the camera and camcorder businesses, Samsung's #1 position in HDTVs provides a strong foundation to grow awareness and sales of HD imaging products and solutions.
Samsung's camera business has realized impressive growth in recent years, increasing both sales and market share. The integration with SEA will bring an infusion of resources in R&D, design, sales and marketing that will drive continued growth and success in the years to come.
"We believe this move represents a true win / win scenario," said Tony Sorice, vice president of national accounts for Samsung Opto-Electronics, America, Inc. "The benefits of this integration are already evident in products like the NV24HD and the HMX20, both of which allow consumers to get the most out of the HD experience and leverage our position as a world leader in HD technology. Moving forward, we will continue to broaden and deepen our product lines and enhance our position in the digital imaging space."
Samsung Opto-Electronics America, Inc., Ridgefield Park, N.J., is the U.S. subsidiary of Samsung Techwin Co., Ltd., Sungnam Kyungki-Do, Korea. Samsung Opto-Electronics markets a full line of auto focus cameras, zoom and digital cameras for the amateur as well as the professional under the Samsung brand name.
For full specifications and hi-res images, visit www.samsungcameraUSA.com
(First posted on Friday, February 1, 2008 at 13:46 EST)