samsung sells defence petrochemical units for 17bn
Last Updated : GMT 03:51:06
Arab Today, arab today
Arab Today, arab today

Samsung sells defence, petrochemical units for $1.7bn

Arab Today, arab today

Arab Today, arab today Samsung sells defence, petrochemical units for $1.7bn

Samsung Group
Seoul - AFP

Samsung Group announced Wednesday the sale of stakes in four petrochemical and defence affiliates for $1.7 billion as the South Korean giant steps up restructuring efforts ahead of a generational ownership succession.
The sale to the Hanwha conglomerate, which has major petrochemical holdings, is expected to be finalised in the first half of next year, Samsung said in a statement.
The deal involves Samsung Electronics and other group affiliates selling their combined stakes in defence firm Samsung Techwin and Samsung General Chemicals.
A 50-percent stake held by Samsung General Chemicals in its joint venture with the French energy giant Total, called Samsung Total, will also be sold to Hanwha, along with Samsung Techwin's 50-percent holding in a joint venture with French defence firm Thales.
It marks the first sale of Samsung affiliates since the group was forced to shed its struggling carmaking unit in 1997 during the Asian financial crisis.
Samsung is comprised of dozens of units including Samsung Electronics, the world's top maker of mobile phones and TVs, which earn a collective revenue equal to around 20 percent of South Korea's annual economic output.
The family-run group currently chaired by Lee Kun-Hee has merged, broken out or newly listed some of its key units in recent years as he prepares to hand over helm to his son, J.Y. Lee.
The founding Lee family has been under growing state pressure to unravel its complex cross shareholdings and make its governing structure more transparent.
The sell-off announced Wednesday indicates a desire to streamline the behemoth so as to concentrate on its key profit-making units, said Kim Ji-San, analyst at Seoul-based Kium Securities said.
"The deal shows Samsung is determined to shed non-core units deemed not competitive enough globally and to focus on key businesses like electronics, finances, construction and engineering," Kim said.
Samsung Techwin, a developer of security equipment and aerospace technologies, reported a net profit of 133 billion won last year, but has amassed a net loss of 14.5 billion for the first three quarter of this year.
Samsung's restructuring has not always been smooth sailing.
Last week it had to scrap a merger between two major units -- Samsung Heavy Industries and Samsung Engineering -- due to the spiralling cost of buying back stock from shareholders opposed to the deal.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

samsung sells defence petrochemical units for 17bn samsung sells defence petrochemical units for 17bn

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

samsung sells defence petrochemical units for 17bn samsung sells defence petrochemical units for 17bn

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday