Samsung considering leasing its TV and monitor factory in Russia

Samsung’s TV and monitor factory in Russia which has been shut down is likely to be leased by a local company. Korean media outlet Yonhap (via Reuters) reports that a local company will lease Samsung’s Russian home appliance factory, which was shut down in the aftermath of Russia’s invasion of Ukraine.

Russian home appliance distributor VVP Group could produce electronic products at Samsung’s Kaluga plant. VVP Group is said to be negotiating to purchase or lease the TV production line at this factory to produce its own brand and products of other companies.

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Samsung’s Kaluga factory has been producing and supplying TVs, refrigerators, and washing machines to Russia since its completion in 2008. Due to the aftermath of the Ukraine incident in February 2022, operations were suspended in March of the same year.

Apart from this, LG Electronics also suspended local production in the aftermath of the Ukraine incident. Hyundai Motor Company sold its St. Petersburg factory to a local company, Art Finance, with the condition that it could be revived after two years.

// Reuters