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Samsung Electronics purchases LED sign manufacturer
Samsung Electronics has acquired Logan-based jumbo LED sign manufacturer YESCO Electronics, the two companies announced this week.
Previously, YESCO Electronics was a subsidiary of the Young Electric Sign Company. YESCO currently employs approximately a thousand people and has more than 2,000 installations across the U.S. and abroad — from the Spectrum at Utah State University to Piccadilly Square in London. Though the company is now based in Logan, it had its origins in Las Vegas with many customers among casinos.
A Samsung acquisition means that YESCO will collaborate on projects in areas where the former is already engaged, including retail, education, hospitality, corporate and transportation, and “deliver durable, long-lasting displays geared for varied and extreme conditions,” according to a Samsung news release. “The resolution of the actual screen, the research and development that will come from Samsung will make our products at YESCO significantly better in the future,” Young told the paper Wednesday.
Under the terms of the deal, no YESCO employees will be laid off, with around 250 employees in the YESCO Electronics division becoming Samsung employees and continuing to work at the company’s facility on 1000 West, Jeff Young, senior vice president and chief marketing officer for YESCO, told The Herald Journal on Wednesday. “For (YESCO Electronics) to catch the interest of this worldwide leader in electronics, we couldn’t be more honored,” Young said. “This is a great new chapter for everybody.”
In explaining the acquisition, Young noted that while YESCO Electronics developed LED displays, Samsung has developed large-format displays using LCD panels. Both technologies have made gains in high-resolution picture technology, Young said — but while TVs and their LCD panels cannot be seen during the daytime, LEDs can. “So Samsung has had an eye on your just-larger-than your biggest TV market all the way up to the super displays,” Young said. “We’ve been looking for opportunities to improve our products, and Samsung wants a chance to develop U.S. manufacturing … and the marriage could not be better.”
Seog-Gi Kim, Senior Vice President of Visual Display Business for Samsung Electronics, issued a prepared statement on the acquisition this week, saying the LED display market continues to grow and “we understood the critical importance of having the right experience to be successful in this area.” “By combining the extensive expertise of YESCO Electronics in LED displays with our global network, business experience and world-class R&D team, we further validate our leading position and the value that we bring to our customers as a total solutions provider in digital display,” Seog-Gi Kim said.
For further information:
http://www.yescoelectronics.com/
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