| Updated:
Samsung merges shipbuilding and engineering in restructuring
Samsung announced yesterday a major merger of its shipbuilding and engineering divisions, as the conglomerate pursues a restructuring of its business.
Samsung, best known for its electronics division, was hit in May by the hospitalisation of Lee Kun-hee, the group’s chairman and patriarch of the billionaire Lee family behind Samsung, prompting succession considerations to rise.
The deal valued at 2.5 trillion won (£1.49bn), will see Samsung Heavy Industries, one of the largest shipbuilders in the world, merge with Samsung Engineering, Korea’s largest engineering company.
The companies had combined revenues of 25 trillion won in 2013, and following the merger aim to reach 40 trillion won by 2020.