SEOUL, KOREA - A new Samsung SDI has set sail on July 1. Samsung SDI has officially merged with Cheil Industries on the day to become an integrated materials and energy company. The newly created company will be headed by two presidents including Park Sang-jin (energy solution division) and Cho Nam-sung (materials division).
Based on the last year's financial results, the unified company will have sales revenue of 9,427.6 billion won and assets of 15,543.4 billion won, ranking third after Samsung Electronics and Samsung Display among the group's electronic and chemical affiliates.
The company seeks to reach a sales revenue of 29 trillion won by 2020 by maximizing synergies between energy solution and materials. The reason Samsung's Global Strategy Group decided in late March this year to merge the two units was based on the judgment that it is of utmost importance for the whole group including Samsung Electronics and Samsung Electro-Mechanics to improve the competitiveness in materials.
As part of the strategy, the group put together R&D centers of Samsung Electronics, Samsung SDI, and Samsung Fine Chemicals in the same campus in Suwon while moving the Samsung Advanced Institute of Technology to the same location.
Source : The Korea Economic Daily
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