Samsung cuts US jobs, moves headquarters to Texas

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Samsung Electronics is reducing positions in its display, smartphone, and home appliance businesses in the United States, with the main impact felt in New Jersey and Texas, according to documents reviewed by Reuters and information from people familiar with the matter. The changes stem from a plan to relocate the headquarters of Samsung Electronics America, which oversees the company's consumer goods business in the US, from Englewood Cliffs, New Jersey, to Texas. A total of 739 positions in New Jersey are affected. Most employees have been offered transfers to the new headquarters, but some who are unable to relocate will have to leave the company. Meanwhile, at the office in Plano, Texas, around 100 employees, including staff in the mobile phone business, are being laid off additionally. Although Samsung's semiconductor business is growing strongly on demand for AI chips and second-quarter profit is expected to surge 19-fold, its smartphone and consumer electronics businesses are under pressure from intense competition with Apple and Chinese manufacturers such as TCL and Hisense. Rising chip costs driven by the AI boom are also squeezing margins for nearly all types of electronics. Analysts expect Samsung's mobile business could post its first-ever loss.

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Artificial Intelligence▼ · 2 stocks
Samsung Electronics Co Ltd
005930
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Samsung cuts US jobs and relocates headquarters, indicating restructuring and cost pressures in consumer businesses.

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