Samsung to invest $24 billion in production facilities for its display and semiconductor business

Samsung has today revealed that it’s going to spend the remainder of the year focusing on growing its display and semiconductor business by investing a record 27 trillion won ($24 billion) in production facilities. It’s believed that around half of the money will be dedicated to beefing up the assembly of V-NAND flash memory chips and upgrading the production lines, while the remainder will be used to maximize the yield of flexible organic light-emitting displays (OLED).

This news comes shortly after the South Korean company reported that its third-quarter operating profit had been slashed by 29.7 percent to 5.2 trillion won ($4.5 billion) from a year ago, which is primarily due to the safety concerns surrounding the Galaxy Note 7 and its decision to discontinue the device following repeated reports of units spontaneously bursting into flames. Revenue also fell 7.4 percent to 47.8 trillion won ($41.9 billion).