Samsung

Samsung is to close its microwave and computer monitors plant on Teesside with the loss of 425 jobs, and the site has already been sold to an undisclosed buyer. Samsung is to take 77,000 sq ft of office space at the LakeView building Chertsey. Samsung is planning a £2m expansion at its computer monitor and microwave factory near Billing ham with the creation of 300 jobs, while its nearby printed circuit boards factory will be converted into a distribution hub for monitors. Samsung is planning to recruit more staff at its Teesside electronics factories in Wynward and Billing ham, to cope with higher production targets being set for this year.

The Tees Valley Development Company has been asked to find a new occupier for Samsung's £12m Wynyard training centre, casting doubt over the facility's long-term future. Securicor is selling its telecoms systems business, which distributes branch exchange systems and handsets, to Samsung of South Korea for undisclosed terms. Samsung Heavy Industries is closing its hydraulic excavator plant near Harrogate due to lack of competitiveness, with the loss of 86 jobs.

Samsung is launching a recruitment drive to fill 200 new jobs at its three Teesside plants, which make microwave ovens, televisions and computer monitors. Samsung is to extend its microwave oven factory in Teesside creating a further 35 jobs, and expects total employment at the electronics complex to rise from 800 to 3,000 by 2000. Samsung Electronics is building a £5m advanced electrical research facility in Yateley, Hampshire, to test its products for European markets.

Six South Korean companies are investing over £15m in setting up UK plants to supply parts to Samsung's electronics plant in the north east, with locations including Cleveland, Durham, Hartlepool and South Yorkshire. Three South Korean companies - Sung Kwang Electro Mechanics, Fine Electromechanics and Poong Jeon - are to invest in facilties in south Yorkshire to supply parts to Samsung, creating 184 jobs. Samsung of South Korea is moving its European HQ from Frankfurt to London, creating up to 500 jobs within 4 years.