Samsung’s side of the Hanwha acquisition
A week after Korean firm Hanwha announced it had purchased a significant portion of Samsung Techwin, Samsung issued the following statement:
December 9, 2014 By Staff
Samsung Electronics announced that it has entered into an agreement to sell its shares of Samsung Techwin to Hanwha Group. With the stock purchase, Hanwha Group will become Samsung Techwin’s largest shareholder. The transaction will strengthen Hanwha Group’s position in the defense and security industry. The news of the agreement comes on the heels of another record sales year for Samsung Techwin in the U.S., as the company continues to deliver innovative video surveillance solutions with the highest levels of performance and value.
“Hanwha Group’s investment in Samsung Techwin will provide continued focus on the technologies and markets we serve,” said Soon Hong Ahn, President, Samsung Techwin America. “Most important is that our Samsung brand will remain intact and this partnership will be otherwise transparent and seamless, as management and all operations at Samsung Techwin will remain the same with no significant changes in the foreseeable future.”
Samsung Techwin has achieved incredible growth globally in the professional security industry over the past several years. The success of the Samsung security business is due to numerous core competencies developed by Samsung Techwin including the WiseNet camera product lines as well as the exceptional performance and value proposition of its professional video surveillance products. To ensure continued market growth, all R&D, manufacturing, sales and marketing operations will remain unchanged and benefit moving forward as Samsung Techwin and Hanwha Group realize even higher economies of scale.
“We look forward to the next phase of our business growth and stability with the Hanwha Group,” concluded Mr. Ahn.
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