Samsung sells defence business to Hanwha
The South Korean giant, Samsung Group has abruptly agreed to sell its majority 32.35% stake in its defence arm to the Hanwha group.
Hanwha’s bid to acquire Samsung Techwin for an estimated USD759 million is expected to be completed in the first half of 2015, subject to regulatory approval.
Samsung Techwin executive vice-president Han Soo Jung stated on 4 December: ‘The Hanwha group’s investment in Samsung Techwin will enable us to continue to research, design and develop innovative, market-leading solutions that will create new business opportunities and ensure our future growth.’
Samsung Techwin’s revenues amounted to $2.7 billion last year.
Already have an account? Log in
Want to keep reading this article?
More from Land Warfare
-
Portugal set to join Boxer team as it progresses its army transformation
The Portuguese Army is undergoing an overhaul of its platforms with the latest move towards Boxer 8x8 vehicles marking a major step in reforming and modernising its brigades.
-
Oshkosh reboots British Army vehicle bid and displays JLTV with new weapons
The British Army’s light protected mobility (LPM) requirement, part of the Land Mobility Programme, has taken on a new focus with the medium requirement bumped off to be replaced by heavy. The LPM may now need to fill some of the gap between light and heavy.
-
Netherlands to get step change in air defence capability with FFG ACSV selection
FFG’s tracked Armoured Combat Support Vehicle will form the backbone of the Netherlands’ new low-level air defences, Shephard has learned, with scope for further fleet expansion beyond the initial order.
-
EuroTrophy systems contracted for Leopard 2A8 tank buyers as demand rises
Rafael Advanced Defense Systems, the original designer and manufacturer of the system, states that more than 1,800 have been sold and, while not all customers are known, more than 1,000 of these have been bought by the US and Israel.
-
Early prototype of General Dynamics M1E3 main battle tank displayed at Detroit auto show
The first prototype M1E3 main battle tank was handed over to the US Army for testing and evaluation earlier this year, and now a pre-prototype has been unveiled. What have we learned from the vehicle first seen on 14 January?
-
Bulgaria to receive first Strykers in February as part of force equipment refresh
The delivery of the Stryker infantry fighting vehicles will form one piece of the country’s effort to re-equip its forces, which includes F-16 fighter jets and new air defence systems.