Samsung Heavy Industries announces merger with Samsung Engineering

The merger between Samsung Heavy Industries and Samsung Engineering was decided during a recent board of directors meeting. Its aim is to create a “world-class total solution provider for shipbuilding and onshore and offshore services.”
The two companies plan to hold a special shareholders meeting on October 27th 2014 and complete the merger process on December 1st 2014.
Through the merger, Samsung Heavy Industries will gain engineering, procurement, and project management capabilities, which are the strengths of Samsung Engineering, and establish a stable foundation for the growth of its offshore plant business.
Meanwhile, Samsung Engineering, which has focused its business in onshore hydrocarbon plants, will be able to diversify into high value-added projects such as onshore LNG and offshore plants by securing Samsung Heavy Industries’ offshore plant fabrication capabilities.
The merger will give the two companies a chance to become a global top-tier EPC (Engineering, Procurement and Construction) company. The goal of the merger is to grow into a world-class total solution provider, increasing the combined revenues from 25 trillion in 2013 to 40 trillion in 2020.