Samsung invest overseas

Samsung Heavy Industries is eyeing a near $1bn investment to set up its first shipbuilding facility overseas. Chief financial officer Chun Tae Heung told Bloomberg the world’s third largest shipbuilder is looking at Indonesia, Vietnam and Malaysia as possible locations for the yard. Seoul-listed Samsung has earmarked KRW 1 trillion ($950m) for the project up until 2017, the newswire reports. The new yard will build bulk carriers, small container vessels and tankers, the executive says. Samsung’s plan, which should be firmed up by the end of the year, will enable the company to free up additional capacity at its South Korean facility in Geoje for offshore units and “higher value” vessels, Chun says.
Korean parent Samsung Group is merging the shipbuilder with Samsung Engineering to help the latter become more competative.
SHI presently has around 90 vessels in its orderbook.