Cheil Industries, an affiliate of the Samsung Group today announced to sell its fashion business to Samsung’s another affiliate Samsung Everland. The transfer from Cheil to Samsung Everland is valued at 1.05 trillion won ($968.6 million) and will move towards focusing on electronic materials.
Cheil has been making flat-screen films and polycarbonate for smartphones and recently along with Samsung Electronics acquired German OLED company – Novaled AG.
Samsung Everland runs theme parks and catering services across the country and is a “de facto holding company for the Samsung Group”.
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