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    A005930   KR7005930003

SAMSUNG ELECTRONICS CO., LTD.

(A005930)
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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


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INTERNATIONAL BUSINESS MACHINES CORPORATION 0.45% 141.34 Delayed Quote.12.28%
SAMSUNG ELECTRONICS CO., LTD. -0.50% 79300 End-of-day quote.-2.10%
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Financials
Sales 2021 270 733 B 235 B 235 B
Net income 2021 38 087 B 33,1 B 33,1 B
Net cash 2021 113 841 B 98,8 B 98,8 B
P/E ratio 2021 13,6x
Yield 2021 1,92%
Capitalization 533 557 B 462 B 463 B
EV / Sales 2021 1,55x
EV / Sales 2022 1,32x
Nbr of Employees -
Free-Float 82,7%
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Mean consensus BUY
Number of Analysts 38
Last Close Price 79 300,00 KRW
Average target price 105 315,79 KRW
Spread / Average Target 32,8%
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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
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