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Samsung SDI to cut workforce amid business reshuffle

All Headlines 21:23 March 06, 2016

SEOUL, March 6 (Yonhap) -- Samsung SDI Co., the battery and chemical arm of South Korea's top conglomerate Samsung Group, is seeking to cut its workforce through an early retirement scheme as it focuses on its battery business after selling off its chemical business, industry sources said Sunday.

In October of last year, Samsung Group agreed to sell its chemical assets to Lotte Group for about 3 trillion won (US$2.49 billion).

Under the deal, Lotte Chemical Co. acquired a 31.5 percent stake in Samsung Fine Chemicals Co. and bought a stake in Samsung SDI's chemical unit.

Following the spin-off, Samsung SDI will focus on its electric vehicles and battery businesses.

Samsung has been ramping up moves to reshuffle its business portfolio since Samsung's de facto head Lee Kun-hee was hospitalized in 2014, temporarily handing over the post to his son Jae-yong.

Since then, Samsung has been making various restructuring efforts to pave the way for the management inheritance.

sam@yna.co.kr
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