Samsung's only China TV factory to halt production by November
The electronics giant said the move was part of 'ongoing efforts to enhance efficiency'
Samsung Electronics announced Monday it would stop production at its only television factory in China by the end of November.
The move from the South Korean technology giant marks the latest step in a continued effort to shift production from the world’s second-largest economy.
NOKIA TAKES A HIT AS SAMSUNG SECURES VERIZON 5G DEAL
A Samsung spokesman confirmed that the factory in Tianjin is the only Samsung Electronics TV production facility based in China.
In an earlier statement, Samsung explained that the decision is part of “ongoing efforts to enhance efficiency” in its production facilities.
A man walks out of Samsung Electronics' headquarters in Seoul on January 6, 2014. REUTERS/Kim Hong-Ji
The company had previously shuttered its smartphone factory in Tianjin in 2018 and its plant in Huizhou last year.
The factory in question has some 300 workers, Yonhap news agency reported on Monday.
Samsung confirmed to Reuters that some of those workers and equipment are expected to be retained.
The company's action leaves Samsung Electronics in China with a home appliance factory in Suzhou and chip production facilities in Suzhou and Xian.
In addition, last week Samsung Electronics’ display unit said it would sell off a majority stake in its Suzhou liquid crystal display (LCD) production unit to TCL Technology Group Corp’s Star Optoelectronics Technology unit.
In March, Samsung Display said it would end all production of LCD panels in both South Korea and China by the end of 2020.
CLICK HERE TO READ MORE ON FOX BUSINESS
In August, Samsung said it would stop operations of its last computer factory in China as well.