Samsung to Sell Four Affiliates to Hanwha
(MENAFN- Qatar News Agency) Seoul November 26 (QNA) - Samsung Group announced Wednesday it will sell four chemical and defense units to Hanwha Group in a deal estimated at 1.9 trillion won (US$1.72 billion) according to South Korea's News Agency (Yonhap).
Samsung said it will sell its defense affiliate Samsung Techwin Co. and chemical unit Samsung General Chemicals Co. to Hanwha another South Korean family-run conglomerate whose main businesses include defense and solar power.
The sales will be completed by the first half of next year Samsung said. Hanwha's board of directors approved the deal Wednesday morning.
Samsung will sell a 32.4 percent stake in Samsung Techwin for 840 billion won as well as a 57.6 percent stake in Samsung General Chemicals for 1.06 trillion won.
Two other affiliates Samsung Thales Co. and Samsung Total Petrochemicals Co. were automatically included in the sale-acquisition deal since they are half-owned by the companies being sold to Hanwha.
Hanwha will have the controlling share of 81 percent in Samsung General Chemicals after taking over the stakes held in the firm by Samsung Techwin.
The two defense arms will be taken over by Hanwha Corp. the holding firm of the group and the chemical affiliates will be bought by Hanwha Chemical and Hanwha Energy Corp. Samsung said.
Samsung Electronics Co. Samsung C&T Co. and Samsung Securities Co. currently hold shares in Samsung Techwin while Samsung General Chemicals is owned by Samsung C&T Samsung SDI Co. and Samsung Electro-Mechanics Co.
Samsung C&T meanwhile will maintain its 18.5 percent stake in the chemical unit for business between Hanwha and Samsung.
Hanwha South Korea's 10th-largest conglomerate has been going after military-related businesses such as ammunition production since being designated a defense firm in 1974.
Samsung Techwin produces engines for FA-50 light attackers as well as Korea Utility Helicopter (KUH). Samsung Thales is a mass producer of military goods such as thermal imagery devices. (QNA)
Samsung said it will sell its defense affiliate Samsung Techwin Co. and chemical unit Samsung General Chemicals Co. to Hanwha another South Korean family-run conglomerate whose main businesses include defense and solar power.
The sales will be completed by the first half of next year Samsung said. Hanwha's board of directors approved the deal Wednesday morning.
Samsung will sell a 32.4 percent stake in Samsung Techwin for 840 billion won as well as a 57.6 percent stake in Samsung General Chemicals for 1.06 trillion won.
Two other affiliates Samsung Thales Co. and Samsung Total Petrochemicals Co. were automatically included in the sale-acquisition deal since they are half-owned by the companies being sold to Hanwha.
Hanwha will have the controlling share of 81 percent in Samsung General Chemicals after taking over the stakes held in the firm by Samsung Techwin.
The two defense arms will be taken over by Hanwha Corp. the holding firm of the group and the chemical affiliates will be bought by Hanwha Chemical and Hanwha Energy Corp. Samsung said.
Samsung Electronics Co. Samsung C&T Co. and Samsung Securities Co. currently hold shares in Samsung Techwin while Samsung General Chemicals is owned by Samsung C&T Samsung SDI Co. and Samsung Electro-Mechanics Co.
Samsung C&T meanwhile will maintain its 18.5 percent stake in the chemical unit for business between Hanwha and Samsung.
Hanwha South Korea's 10th-largest conglomerate has been going after military-related businesses such as ammunition production since being designated a defense firm in 1974.
Samsung Techwin produces engines for FA-50 light attackers as well as Korea Utility Helicopter (KUH). Samsung Thales is a mass producer of military goods such as thermal imagery devices. (QNA)
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