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Samsung's shipbuilding, engineering units to merge
Parvez Jabri
01 Sep, 2014
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Copyright AFP (Agence France-Presse), 2014
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![](https://i.brecorder.com/images/2014/09/samsung100.jpg">SEOUL: The shipbuilding and engineering units of South Korea's Samsung group said Monday they would merge, as the family-run giant gears up for generational ownership succession. </P><P>The board members of Samsung Heavy Industries, the world's third-largest shipmaker, and Samsung Engineering had approved the tie-up via a share swap, said a joint statement. </P><P>Shareholders at the engineering unit will be given 2.36 shares in the shipbuilder, it said, adding the deal would be finalised by December.</P><P>The two firms hope to achieve total sales of 40 trillion won ($39.4 billion) by 2020 from 25 trillion won in 2013, it said. </P><P>Samsung Heavy focuses on shipbuilding and offshore plants while Samsung Engineering build onshore energy plants around the world.</P><P>)
