Samsung powers up battery business

Samsung Group is accelerating its effort to claim the lion’s share of the battery business, which the conglomerate has identified as its next cash cow, with its battery affiliate acquiring the cell materials division of the group’s chemical affiliate.

Sourced through Scoop.it from: www.koreatimes.co.kr

Samsung Group is accelerating its effort to claim the lion’s share of the battery business, which the conglomerate has identified as its next cash cow, with its battery affiliate acquiring the cell materials division of the group’s chemical affiliate.  On Friday, Samsung SDI said it will buy the division from Samsung Fine Chemicals (SFC) for 18.7 billion won, Sept. 16.  With the move, it will acquire all equipment for research projects in battery materials, patents, related staff and a 58 percent stake of STM. STM is an affiliate of Samsung Fine Chemicals established in 2011 with Japan’s Toda Kogyo.  The takeover will help Samsung SDI have a vertically integrated structure in its battery business.  “The takeover decision was a part of Samsung’s strategy to boost the corporate ability of handling materials, which we believe is a crucial factor in the functionality of batteries amid increasing demand for electric vehicles,” spokesman Seo Hae-su said.

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