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Coronavirus forces Samsung to find ways to protect its businesses

Business
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Last updated: March 23rd, 2020 at 17:21 UTC+01:00

The coronavirus (COVID-19) pandemic is leaving a massive mark on the population as well as the global economy. Samsung took the necessary steps to protect its employees and customers from the virus, but now the company is also looking to devise emergency measures to protect its businesses from the economic fallout.

According to a report from The Korea Times, Samsung, along with other domestic conglomerates – including SK and LG – are looking to devise emergency management measures to diminish the impact coronavirus might have on their businesses and profitability.

Samsung revised its business expectations at its shareholder meeting last week. Later, when Vice Chairman Lee Jae-Yong visited the company’s display manufacturing plants in South Korea, he said that Samsung is facing unexpected variables but should not stop, adding that the company needs wisdom that can look beyond the crisis.

An official cited by the South Korean media has now confirmed that domestic companies are viewing this as a matter of their survival, and while Samsung and other giants have so far been focusing on employee safety, it is now about their corporate fundamentals.

Samsung halted production at its Gumi plant several times amid the coronavirus outbreak in recent weeks. Now, its smartphone factory in India has also been temporarily shut down until March 25 over concerns surrounding COVID-19. The company is working hard to ensure that it won’t suffer any setbacks in terms of supplies.

It remains to be seen what contingency plans Samsung might be able to devise in order to protect its businesses in the coming weeks, or months, as markets continue to shift. We’ll keep you posted.

BusinessGeneral South Korea
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