Ridgefield Park, NJ (December 4, 2014) – 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.
About Samsung Techwin America – Samsung is a leading supplier of advanced video surveillance solutions for IP, analog and hybrid video systems. Building on the company’s history of innovation, Samsung Security Systems is dedicated to providing systems solutions with the highest levels of performance, reliability and cost-efficiency. Samsung Techwin is committed to the continued development of innovative systems products for professional security applications. For more information, visit www.samsung-security.com.
About Hanwha Group – Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has 51 domestic affiliates and 113 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 60 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from basic chemicals and advanced materials to property development and total solar energy solutions. The finance network, covering banking, insurance, asset management and securities, is the second largest non-bank finance group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses. For more information visit: www.hanwha.com
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