Korean electronics giant Samsung this week said it has shelved plans to invest £350m to expand its Wynyard Park industrial site on Teesside.
`The rest of the development will be delayed and has been put on hold,’ a spokesman for Samsung said this week.
Confirmation of the decision came in a brief remark at a Samsung press conference in Seoul late last week by Joung-Key Hwang, a senior managing director in Samsung’s finance group. `The company will consider the second stage project (at Wynyard Park) depending on the business environment’ he said, `so, it is on hold’.
Samsung has invested £100m at Wynyard since 1994 (out of a proposed £450m) to establish a factory making microwave ovens and computer monitors, and a training centre.
Samsung originally said it would employ 3,000 people on the site by the year 2000. It now employs 1,400.
Samsung’s investment lies on land bought from Cameron Hall Developments which plans to open a new 470 acre business park west of the Samsung land next year. Cameron Hall would not name firms expected to move there.
Samsung’s decision to shelve its investment `is disappointing for the area,’ Cameron Hall admitted.
Asean echoes, page 14