ID :
194662
Wed, 07/13/2011 - 05:15
Auther :
Shortlink :
https://oananews.org//node/194662
The shortlink copeid
Samsung Heavy buys stake in local power equipment maker
SEOUL, July 13 (Yonhap) -- Samsung Heavy Industries Co., a South Korean shipbuilder, said Wednesday that it has signed a deal to buy a stake in a local power plant equipment maker for 41.5 billion won (US$39 million).
In a regulatory filing, Samsung Heavy said it now holds a 27 percent stake in SeenTec Co., becoming the largest shareholder in the power equipment maker.
SeenTec, specialized in designing and producing industrial boilers, posted an operating income of 8.8 billion won on sales of 118 billion won last year.
"Demand for industrial boilers is expected to rise down the road, and we expect our shipbuilding business to benefit from the synergy as well," the shipbuilder said.
Shares of Samsung Heavy were trading at 47,350 won on the Seoul bourse as of 9:50 a.m., up 0.74 percent.
In a regulatory filing, Samsung Heavy said it now holds a 27 percent stake in SeenTec Co., becoming the largest shareholder in the power equipment maker.
SeenTec, specialized in designing and producing industrial boilers, posted an operating income of 8.8 billion won on sales of 118 billion won last year.
"Demand for industrial boilers is expected to rise down the road, and we expect our shipbuilding business to benefit from the synergy as well," the shipbuilder said.
Shares of Samsung Heavy were trading at 47,350 won on the Seoul bourse as of 9:50 a.m., up 0.74 percent.
