SEOUL, Oct 18, (APP/AFP): Samsung Electronics said Tuesday it would compensate suppliers hit by the decision to scrap its Galaxy Note 7 smartphones because of safety fears with exploding batteries. The South Korean electronics giant announced a week ago that it was discontinuing the Note 7 after a chaotic recall that saw replacement phones also catching fire. Samsung said the affair would cost the company an estimated $5.3 billion in lost profits over the three quarters beginning July. The crisis also hit its numerous suppliers — who produce everything from camera modules to casings — with their losses estimated at up to $1.7 billion. “We will offer full compensation for remaining inventories of Note 7 components among our suppliers,” the firm said in a statement.
International News
Samsung to compensate suppliers hit by Note 7 crisis
