Samsung Group is to merge its shipbuilding and engineering units in its latest restructuring as the South Korean conglomerate prepares to transfer power to the next generation of its founding family.
Group-wide restructuring has accelerated in recent months as the conglomerate readies for a looming leadership change with Lee Kun-hee, chairman of Samsung Electronics and de facto leader of the broader group, remaining in hospital after suffering a severe heart attack on May 10.
Samsung Engineering will merge into Samsung Heavy Industries in an attempt to enhance their offshore business, the two companies said on Monday.
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