Samsung Sells Large Stake of Samsung-GE Medical Instruments

Samsung Group announced on March 15 that it will sell 39 percent of its holdings in Samsung-GE Medical Instrument Company to General Electric.
Samsung, which currently holds 49 percent of the company's shares, is going to sell the shares for 20 million dollars. The money from the sale will be used to improve the financial structure of Samsung Electronics, Samsung Electro-Mechanics, and Samsung Aviation Industries.
Samsung-GE Medical Instrument, founded in 1984, recorded sales of more than 50 million dollars in 1998.
Both Samsung, which will retain 10 percent of the comapany, and GE have agreed that Samsung-GE Medical Instrument will still retain the same name and brand products. They will also continue to cooperate in sales, distribution, and service of medical instruments.