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Samsung to sell its chemical, defense affiliates to Hanwha

by ChemOrbis Editorial Team - content@chemorbis.com
  • 26/11/2014 (16:30)
According to media reports, Samsung is planning to sell its chemical and defense affiliates to Hanwha Group, South Korea’s 10th-largest conglomerate, as part of its restructuring plan to focus on new investments mainly in electronics, finance and construction businesses. The estimated value of acquisition is 1.9 trillion won ($1.72 billion).

The companies agreed on acquisition of a 57.6% stake in Samsung General Chemicals Co Ltd to Hanwha Chemical and Hanwha Energy for 1.06 trillion won while Samsung’s stakes in Samsung Thales Corporation, a joint venture with Thales, and SamsungTotal Petrochemicals, a joint venture with Total, also would be transferred to Hanwha Group. Samsung Electronics will also sell a 32.4% share in defense firm Samsung Techwin Co Ltd to Hanwha Corporation for 840 billion won.

With the acquisition, Hanwha group aims to improve its petrochemicals and defense businesses with an additional earning of approximately 12 trillion won in sales.
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