To Perk up Streamlining Drive Samsung to sell Its Defence Business
This year, South Korea's biggest corporation, Samsung Group, has been quickly reconsolidating its different affiliates to alleviate control over them. It has been intending to put most of its focus and streamline its major businesses which include electronics, construction and finance, and construction.
For the very first time ever since the Asian financial crisis in1997, when the company sold its total automobile business, Samsung now has decided to sell off one of its entire businesses that value at billions of dollars.
The company is selling its Samsung Techwin, Samsung Total, Samsung General Chemicals and Samsung Thales Hanwha affiliates for 1.9 trillion won or $1.7 billion.
In a statement, the group mentioned that the concerned approval processes will start in January or February next year. The deal is expected to be completed within the initial half of coming year.
Executives of component suppliers to the defence and chemical businesses of Samsung said that the top authorities of the company have been for long thinking about how to get rid of the businesses. These businesses were not performing up to the mark and did not have a link to the company's major businesses.
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