Samsung SDS to Absorb Samsung SNS as Part of Group-wide Reform
Samsung SDS to Absorb Samsung SNS as Part of Group-wide Reform
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.09.30 18:38
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SEOUL, KOREA- Samsung SDS, a Samsung Group company specializing in IT consulting and solutions, said on September 27 that it would merge Samsung SNS. This is the second instance of organizational reform within the group after Cheil Industries announced a few days ago its plan to divest the fashion business. Founded in 1993 through a spinoff from Samsung Electronics, Samsung SNS has businesses in networking, camera modules, E-ZPass terminal, and digital door locks.
 
The largest shareholder of the company, with sales revenue and operating profit of 512 billion won and 51 billion won last year, is Lee Jae-Yong, Samsung Group vice chairman and the son of the chairman Lee Keun-hee, with a 45.69-percent stake.
 
For this reason, some critics said the recent organizational reform is nothing other than moves to strengthen the younger Lee's position by increasing his stakes in electronics and communications units. The next reform targets include Samsung Petrochemical and Samsung Engineering. The largest shareholder of Samsung Petrochemical is Lee Boo-jin, the Shilla Hotel president and the eldest daughter of the chairman, with a 33.18-percent stake.

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