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Samsung Americas to fold

Looking to eliminate redunancies its operations, Samsung will fold its Americas operation in February.

In a move designed to cut costs, Samsung said it would dissolve the headquarters of its Americas operations in February.

Samsung Americas, which oversees operations in North, Central, and South America, will fold, a Samsung spokesman said. He said that the 30 employees now working at the Richfield Park, New Jersey, headquarters would be transferred to other Samsung units in the same location.

"[The move] is just to get rid of the redundancies created by an extra layer of bureaucracy," said Samsung spokesman James Choi. "This will give autonomy to every operation in every respective region to make their own decisions in their own market."

A $92 billion Korea-based conglomerate, Samsung manufactures electronics products and has subsidiaries throughout the world. Its operations in the Americas generated $9 billion in revenues last year.