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Samsung to Pay Note7 Suppliers for Unused Parts

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Oct 18, 2016, 7:46 AM by Eric M. Zeman

Samsung today said it will pay its component suppliers for any Galaxy Note7 parts they may have already made. The company will also compensate suppliers for in-progress or unfinished parts, as well as any materials those suppliers purchased to manufacture the parts. Further, Samsung will look to give those suppliers orders for future devices to soften the economic impact of cancelling the phone. "Samsung will determine the inventory levels for the partner companies and carry out compensation quickly," said the company. It did not provide details on how much it might spend to compensate its parts suppliers. Samsung already said it expects the cancelled phone to cost it some $5.5 billion in profit between the fourth quarter of 2016 and first quarter of 2017. Samsung was forced to fully cease production of the phone and recall all units after defective batteries led to burns and fires.

Reuters »

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