SEOUL KOREA - Samsung group is accelerating its business restructuring to achieve management innovation.The group’s restructuring effort which hit snag last week due to the cancelled merger between Samsung Engineering and Samsung Heavy Industries, are regaining vigor as the group decided to sell its four chemical and defense units to Hanwha Group.
The four units are Samsung General Chemicals, Samsung Total, Samsung Techwin, and Samsung Thales.
Samsung General Chemicals Co., a de facto holding company for Samsung Group’s petrochemical business, owns a 50-percent stake in Samsung Total.After the above four units are sold, Samsung group will have only two chemical units left—Samsung Fine Chemicals and Samsung BP Chemicals.
Samsung Fine Chemicals which is engaged in the production of cathode materials for rechargeable cells will remain within the realm of Samsung Group since the rechargeable battery business is one of the group’s future businesses.
Article provided by The Korea Economic Daily
