Samsung Electronics agreed to sell its shares of Samsung Techwin to Hanwha Group. With the stock purchase, Hanwha Group will become Samsung Techwin’s largest shareholder, strengthening Hanwha Group’s position in the defense and security industry. The news of the agreement comes on the heels of a record sales year for Samsung Techwin in the U.S., as the company continues to design and sell video surveillance solutions.
“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.” Ahn said that management and all operations at Samsung Techwin will remain the same “with no significant changes in the foreseeable future.”
Samsung Techwin has grown globally in the professional security industry over the past several years, a success they contribute to developing numerous core competencies including the WiseNet camera product lines as well as professional video surveillance products. To ensure continued market growth, all R&D, manufacturing, sales and marketing operations will remain unchanged moving forward as Samsung Techwin and Hanwha Group begin working together.
“We look forward to the next phase of our business growth and stability with the Hanwha Group,” concluded Ahn.