Samsung Electronics' newly launched business support division has created a team dedicated to merger and acquisition projects, industry sources said Thursday, raising expectations the South Korean tech giant will speed up efforts to pursue new takeover deals.
According to the sources, Samsung Electronics' business support division, which kicked off last week by reorganizing a task force launched in November 2017 after Samsung Group closed its Future Strategy Office, has formed a separate team for M&A projects.
The team is led by Ahn Joong-hyun, president at Samsung Electronics who oversaw the company's previous acquisition projects, including the takeover of US automotive electronics firm Harman International Industries.
Harman International Industries, which Samsung Electronics acquired for $8 billion in 2017, currently posts an annual operating profit of around 1 trillion won ($679 million), serving as one of the company's key businesses.
Industry watchers expect Samsung Electronics to make full-fledged efforts to foster new growth engines through M&A deals under the team.
Last week, Samsung Electronics said it completed the acquisition of FlaktGroup Holding GmbH, a Germany-based ventilation company.
In June, the South Korean tech giant signed an agreement with European investment firm Triton to take over a 100 percent stake in the German heating, ventilation and air conditioning company in a deal worth 1.5 billion euros ($1.73 billion). (Yonhap)
