Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Korea, republic of
  4. Korea Stock Exchange
  5. Samsung Electronics Co., Ltd.
  6. News
  7. Summary
    A005930   KR7005930003

SAMSUNG ELECTRONICS CO., LTD.

(A005930)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Samsung Electronics : GlobalFoundries seeks ruling in IBM contract dispute

06/07/2021 | 10:08pm EDT
FILE PHOTO: The logo for IBM is displayed on a screen on the floor of the NYSE in New York

(Reuters) - Semiconductor manufacturer GlobalFoundries on Monday sued International Business Machines Corp, asking a judge to rule that it did not violate a contract with the U.S. company which claims it is owed $2.5 billion in damages.

IBM has accused GlobalFoundries, which is owned by Abu Dhabi's state-owned fund Mubadala, of failing to continue making chips for IBM, according to a filing by GlobalFoundries with the state court in New York.

GlobalFoundries purchased IBM's semiconductor plants in 2014 when IBM decided to exit the business of manufacturing its own chips. But it quit pursuing advanced chipmaking technology in 2018 due to the high costs of development and IBM instead turned to Samsung Electronics Co Ltd to make its chips.

IBM "went silent for nearly two-and-a-half years" after the changes in 2018, but then in April of this year sent GlobalFoundries a letter alleging that the chipmaker had violated its contract," the filing said.

"Other than threatening to sue unless it capitulated to its demands, IBM has yet to provide any substantive explanation as to its claims," GlobalFoundries wrote in the suit.

IBM said in a statement it believes GlobalFoundries did not fulfill its obligations under the contract.

"IBM contributed $1.5B to Global Foundries to supply the next generation of chips, and Global Foundries utterly abandoned IBM as soon as the final payment was received and sold off assets from the deal for its own enrichment," IBM said.

(Reporting by Stephen Nellis in San Francisco; Editing by Edwina Gibbs)

By Stephen Nellis


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INTERNATIONAL BUSINESS MACHINES CORPORATION -0.68% 140.96 Delayed Quote.11.98%
SAMSUNG ELECTRONICS CO., LTD. -0.63% 78500 End-of-day quote.-3.09%
All news about SAMSUNG ELECTRONICS CO., LTD.
07/30SAMSUNG ELECTRONICS : IOC Clears Ineligible Nigerian Athletes to Receive Samsung..
AQ
07/30South Korea's Factory Output Rebounds in June as Chip, Car Production Revs Up
MT
07/30PRESS RELEASE : UniDevice AG: Operative cash flow EUR 6.9 million
DJ
07/29SAMSUNG ELECTRONICS : Legal Battle Between Samsung And SARS Over Device Classifi..
AQ
07/29SAMSUNG ELECTRONICS : - Galaxy Unpacked August 2021, Official Trailer
AQ
07/29GLOBAL MARKETS LIVE : Earnings reports please investors
07/29Today on Wall Street: GDP growth misses estimates
07/29EUROPEAN MIDDAY BRIEFING : Stocks Rise as -2-
DJ
07/29Nomura Adjusts Samsung Electro-Mechanics' Price Target to 250,000 Won From 24..
MT
07/29KOSPI COMPOSITE INDEX : South Korea Stocks Rise on US Fed's Dovish Monetary Stan..
MT
More news
Financials
Sales 2021 273 484 B 237 B 237 B
Net income 2021 38 735 B 33,6 B 33,6 B
Net cash 2021 110 841 B 96,2 B 96,2 B
P/E ratio 2021 13,1x
Yield 2021 2,14%
Capitalization 527 958 B 458 B 458 B
EV / Sales 2021 1,53x
EV / Sales 2022 1,31x
Nbr of Employees -
Free-Float 82,7%
Chart SAMSUNG ELECTRONICS CO., LTD.
Duration : Period :
Samsung Electronics Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SAMSUNG ELECTRONICS CO., LTD.
Short TermMid-TermLong Term
TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 38
Last Close Price 78 500,00 KRW
Average target price 104 078,95 KRW
Spread / Average Target 32,6%
EPS Revisions
Managers and Directors
Hyun-Suk Kim Co-President, Co-CEO & Director
Dongjin Koh Co-President, Co-CEO & Director
Kinam Kim President, Co-CEO & Director
Tae Moon Roh Co-President & Head-Research & Development
Hee-Chan Roh Chief Financial Officer
Sector and Competitors
1st jan.Capi. (M$)
SAMSUNG ELECTRONICS CO., LTD.-3.09%458 317
HTC CORPORATION27.64%1 150
MERRY ELECTRONICS CO., LTD.-24.23%833
ZEPP HEALTH CORPORATION-5.99%701
JNTC CO., LTD.-16.52%476
UNIDEVICE AG-19.26%35