Whessoe joins Samsung C&T and aims to triple workforce
In a deal announced today, Samsung C&T, the global engineering and construction company, has acquired the entire shareholding in the liquid natural gas (LNG) specialist Whessoe from its Saudi Arabian owners.
UK-based Whessoe will continue to be run by its existing management but will now have its ambitious growth strategy supported by Samsung C&T's global network.
Yeon-Joo Jung, chief executive of Samsung C&T, was in the UK to participate in the deal closing ceremony. He said that his company had become aware of Whessoe's expertise through its work on major projects in Korea and India.
He said: "We at Samsung C&T are delighted, through our partnership with Whessoe, to access this impressive talent pool. Together we are stronger, and will become the most innovative and successful company in the gas sector."
Wilf McNaughton, Whessoe's general manager, said:
"This deal is a vote of confidence in the skills, knowledge and innovation that this historic company has delivered and continues to offer the world. For 200 years our engineers have been driving advancement for the benefit of Britain and, with the support of Samsung C&T, we now have advanced plans to grow this business globally."
Samsung C&T Corporation was founded in 1938 and is the origin of the entire Samsung Group. It now has more than 10,400 employees in 133 offices, based in 50 countries. Samsung C&T is currently working on a US$1billion EPC contract of a LNG terminal project in Singapore.
The union of Samsung C&T and Whessoe will create enormous benefits, as it will allow the company to enter new markets and expand its strategic offers to existing ones.
With its engineering pedigree dating back to 1790, Whessoe has developed its technical excellence by working for the oil and gas industries, with specialist expertise in the storage and handling of liquid gases in both refrigerated and pressurized form. Its projects include designing and building the world's first commercial LNG terminal at Canvey Island in England in 1962 and the UK's latest terminal at the Isle of Grain.
Samsung C&T
Established in 1938, Samsung Construction &Trading (C&T) is the original company of the Samsung Group, South Korea's largest conglomerate with interests in construction, electronics, chemicals, finance, and numerous other sectors.
Today, the company's two C&T business groups - Engineering & Construction and Trading & Investment - are involved in a broad and growing portfolio of businesses, delivering creative, integrated business solutions to customers worldwide.
The Engineering & Construction Group is best known for its advanced technological expertise and experience in building, civil infrastructure, plant and housing/development, while the Trading & Investment Group mainly focuses on energy/environmental projects, natural resources, industrial materials and investments.
Most notably, the company is responsible for the construction of several of the world's tallest buildings including Malaysia's Petronas Twin Towers, Taiwan's Taipei 101 and the Burj Khalifa in the UAE.
It has established a strong reputation in the power plant and energy fields and has designed, constructed and maintained numerous creation and storage facilities, including a US$1bn LNG terminal in Singapore.
Whessoe
Whessoe has a legacy spanning more than 200 years and is a successful innovator in the designing and building of low temperature and cryogenic storage and handling facilities. It offers cutting-edge design and engineering expertise, based on more than 40 years of experience in the hydrocarbon and petrochemical industries.
As a well-established, experienced and multi-disciplined company, Whessoe combines proven technology, quality and safety with global capabilities in Engineering, Procurement, Construction and Commissioning (EPC&C). This allows it to deliver comprehensive and value-engineered solutions to the hydrocarbon, petrochemical and energy industries.
For more information, contact
Samsung C&T
Kristina Kim
Direct: + 82 2 2145 6441
Mobile: + 82 10 2529 3142
Email: tina.kim@samsung.com
FTI Consulting
Jonathan Hawker: 020 7269 7330, jonathan.hawker@fticonsulting.com
Ross Hall: 020 7269 9334, ross.hall@fticonsulting.com
Grace Reynolds: 020 7269 7282, grace.reynolds@fticonsulting.com
© Press Release 2013
