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Samsung to compensate suppliers over Note 7 disaster

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News video: Samsung to compensate suppliers over Note 7 disaster

Samsung is trying to keep its component suppliers sweet over the Galaxy Note 7 disaster. It will pay those companies in full for unused Note 7 parts that have already been manufactured, it will also compensate the suppliers for unfinished components and pay for materials bought to make parts for the now discontinued fire-prone phone. “Samsung will determine the inventory levels for the partner companies and carry out compensation quickly,” the company said in a statement, without elaborating on how much it expected to pay. It will also consider giving them orders for other models. (LEAD) Samsung to pay full compensation to suppliers of Note 7 parts— Yonhap News Agency (@YonhapNews) October 18, 2016 This comes after some government and central bank officials voiced concerns about the potential impact on South Korean’s economy.

A deputy finance minister said the fallout could hurt the economy during the third and fourth quarters of the year. Though most of Samsung’s smartphones are manufactured overseas, the company is a key customer for many South Korean parts makers. .

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