Samsung SDI finalised its takeover of electronic materials manufacturer Cheil Industries on 1 July.
On March 31, Samsung announced it would pay Cheil Industries’ shareholders 0.44 shares in Samsung SDI for each Cheil share held.
SDI will internalize battery-related materials techs owned by Cheil. The acquisition is expected to enhance the competitiveness of Samsung’s battery business by taking advantage of Cheil’s battery separator technologies, while increasing the sales of Cheil’s produced materials to automobile manufacturers who are Samsung SDI customers.
Samsung SDI said the new entity is targeting sales of 29 trillion won ($28.7 billion) by 2020, compared with last year’s combined sales of 9.42 trillion won. Samsung will double investment in the entity to 1,374.4 billion won.
Samsung Everland, the Korean firm’s textile and fashion material division, will be renamed Cheil Industries.