Samsung C&T buys Whessoe from Saudis
London, March 19, 2013
Samsung C&T, a global engineering and construction company, has acquired the entire shareholding in the liquid natural gas (LNG) specialist Whessoe from its Saudi Arabian owners.
Darlington-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, said a statement.
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. With the support of Samsung C&T, we have advanced plans to grow this business, tripling the workforce in under five years."
Yeon-Joo Jung, chief executive of Samsung C&T, was in Darlington for the signing of the deal. He said that his company had become aware of Whessoe's expertise through its work on major projects in Korea and Singapore.
"As the birthplace of the industrial revolution and home to the best academic institutions in the world, there is no doubt about the strength of British engineering skills and innovation. We at Samsung C&T are delighted, through our partnership with Whessoe, to access the impressive UK talent pool. Together we are stronger, and will become the most innovative and successful company in the gas sector by hiring even more of the best British engineering talent in the next few years."
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 1962 and the UK's latest terminal at the Isle of Grain, the statement said. - TradeArabia News Service
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