Samsung to sell off several industries to reorganize its business
Samsung has been planning on merging a number of its key affiliates for quite some time now, in order to concentrate and develop the three main sectors of its vast international business, namely construction, electronics and finance. Samsung commands the largest and most influential group of industries in its home country of South Korea, however, the company is now planning on compacting its businesses in order to focus even more on the above mentioned businesses and streamline its key industries.
Some of the latest affiliates which are in line to be phased out are Samsung’s defense and chemical industries. According to several key executives of several high-profile component suppliers to these two industries of Samsung, the top officials of the industrial giant have been planning on selling off these affiliates of the company as they were industries which were underperforming and were not on the same wavelength as the other industries of the group.
The industries which will be sold off include several big names such as Samsung General Chemicals, Samsung Thales, Samsung Techwin as well as Samsung Total. All of these industries will be handed over by Samsung to another South Korean conglomerate which goes by the name of Hanwha. The deal is a good one for Samsung as they stand to make almost $1.7 billion which translates to around 1.9 trillion won from this massive corporate agreement. Hanwha has stated that the process of approval of the handing over of these industries will begin next year in the month of January and should be completed within the first half of 2015.