KOREA (SOUTH): Samsung selling chem, defense stakes to Hanwha Group for 1.9-trillion won

Samsung is selling a 57.6 % interest in Samsung General Chemicals and its 50 % interest in the Samsung Total Petrochemicals joint venture, as well as a 32.4 % stake in defense affiliate Samsung Techwin and its 50 % holding in Samsung Thales.

The sale, expected to close during the first half of 2015, will make Hanwha the ninth largest ethylene producer in the world with 2.9-million t/y of capacity.

In another related development, Kim Chang-beum, most recently chief executive of Hanwha Advanced Materials, has been named chief executive of Hanwha Chemical.

Source: Weekly "PetroChemical News", Durham, NC, USA; 8 Dec 2014
(Syed Rashid Ali, Karachi, Pakistan)