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

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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).

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