Samsung recently announced that it will withdraw sales of its home appliances and TVs from China this year.
The South Korean multinational manufacturing conglomerate will withdraw sales of its home appliances and TV sales business from China within this year, the Nikkei newspaper reported on Monday.
Samsung aims to make a final decision on ceasing sales of home appliances and televisions in China by the end of April, Nikkei said, citing unnamed sources.
The world’s leading electronics company said it would retain its local production in China for home appliances such as refrigerators, washing machines and air conditioners and use the facilities as a supply hub for overseas markets, the report said.
The biggest reason for the pullback is a decline in price competitiveness, Nikkei said, adding that Chinese manufacturers, in addition to offering lower product prices, have improved quality and are strengthening their presence in global markets.
Samsung Electronics said in a statement that it regularly reviews its global business structure in line with changes in the operating environment, and said nothing has been decided amid market speculation about a possible restructuring of its operations in China.
