Samsung Electronics and Samsung Digital Imaging Merged
Samsung Electronics and Samsung Digital Imaging are to merge today in a move to combine both companies specialisation; Samsung Electronics’ digital media and digital convergence technologies, and Samsung Digital Imaging’s digital cameras and imaging technology and to improve market leadership. The merger was approved by shareholders in February of this year.
Samsung began developing film cameras in 1979 and has led the growth of the digital imaging market through its advanced technology and innovation. Samsung Digital Imaging was established as a standalone affiliate in February 2009, spinning off from Samsung Techwin Co., Ltd. Samsung Electronics announced the plan to absorb Samsung Digital Imaging in December 2009.
“This union will advance our goal of becoming a global leader in the digital imaging market through the enhancement of synergies and competitiveness in all areas of our business. We want Samsung to be recognised as a leader in digital imaging, just as we are now acknowledged as an innovator and market leader in mobile handsets, TVs and other product areas,” said Sangjin Park, CEO of Samsung Digital Imaging.
Samsung Electronics is the bigger of the two companies with 2009 consolidated sales of US$116.7 billion. Samsung Digital Imaging will piggy on Samsung Electronics already establish marketing network, channel partnerships and global sales. The merger ratio of the two companies is Samsung Electronics: Samsung Digital Imaging = 1:0.0577663.
Samsung Digital Imaging’s core competencies in optics and lens technology will combine with Samsung Electronics’ strengths in marketing, design, software and supply chain management to create value-add synergies. The addition of digital imaging will complement Samsung Electronics’ existing product lines across consumer electronics, IT solutions and home appliances, allowing for greater compatibility whilst leveraging the company’s market leadership position.
“In 2010, Samsung will continue to introduce the world’s first and best products with user-centered innovative designs and features that meet consumer needs, pioneering the evolution of digital imaging and the industry as a whole,” Mr. Park said.