Samsung and LG will accelerate payments to suppliers ahead of the Lunar New Year holiday to help them manage cash flow more smoothly.
Samsung announced on the 9th that it will pay approximately 730 billion won ($530 million) up to 18 days earlier than scheduled payment dates to ease financial burdens on partner companies. Twelve Samsung affiliates are participating in the early payment program, including Samsung Electronics, Samsung C&T, Samsung Biologics, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung Bioepis, Samsung Heavy Industries, Samsung E&A, Cheil Worldwide, and S-1.
LG will also accelerate payments, with eight affiliates—LG Electronics, LG Innotek, LG Chem, LG Energy Solution, LG Household & Health Care, LG Uplus, LG CNS, and D&O—paying 600 billion won ($436 million) up to two weeks ahead of schedule.
Samsung is also launching an online marketplace during the Lunar New Year holiday to sell regional specialty products and small and medium-sized enterprise goods, supporting the domestic economy. Since last month, 17 Samsung affiliates including Samsung Electronics have operated a "Lunar New Year Online Marketplace" where employees can purchase regional specialties such as agricultural, livestock, and seafood products, local farm goods, and products from smart factories supported by Samsung Electronics.
LG affiliates plan to conduct shared-growth activities by purchasing daily necessities and regional specialties and distributing them to vulnerable groups. LG Display will provide briquettes and daily necessities to neighbors near its business sites in Paju, Gyeonggi Province, and Gumi, North Gyeongsang Province, ahead of the holiday.
LG Household & Health Care will donate its cosmetics, beverages, and household products to women's and youth organizations nationwide. LG Uplus plans to donate 100 gift sets voluntarily prepared by employees to the Huam Community Service Center in Jung-gu, Seoul, for distribution to vulnerable households ahead of the Lunar New Year.