POSCO is aggressively seeking to develop new material market in collaboration with Samsung Electronics. On July 13th 2012, POSCO signed an MoU with Samsung Electronics on joint development of new materials and product applications including exterior materials of electronic goods.
Under the agreement, the two companies will cooperate to develop materials in the steel, non ferrous metals and new material areas. The two companies expect to lead the market while POSCO provides technology in terms of development and supply of new materials, and Samsung Electronics designs products by selecting differentiated materials from existing products.
The two companies plan to employ advantages and strengths of each other by sharing material development technology, product design concepts and vision, to create ideas on new materials and promote material development and production.
Also, they will strengthen mutual synergy effects by sharing innovative R&D cases through technology innovation training and seminar exchanges, to enhance mutual understanding on their business areas.
The agreement is expected to facilitate POSCO to distinguish itself in the material market, given that the company which has consistently invested in material development to become a comprehensive material entrepreneur and secured the global electronics manufacturer as a source of demand for material development and supply.
As product design and material use have become important element in competition among businesses, Samsung Electronics has been seeking a reliable company that can develop and supply new materials to be adapted to its new products. Since POSCO established infrastructure for material development R&D of its own and can offer mass production and supply if the development succeeds in production, POSCO has been considered as the most suitable company to meet Samsung's needs for new material development.
The two companies will form a working-level committee in each major material sector subject to cooperative development in order to review operation and management of the project on a regular basis.
Source - POSCO
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