Samsung C&T announces acquisition of Whessoe in U.K.

Samsung C&T, a trading and construction company under Samsung Group, said yesterday it had acquired Whessoe Projects, a British firm that specializes in designing liquefied natural gas (LNG) storage tanks and regasification facilities.

The price of the acquisition deal wasn’t disclosed.

Samsung C&T said its acquisition of Whessoe will further its efforts to find new growth engines and expand its presence overseas. The gas and oil storage tank market worldwide is expected to increase to $50 billion by 2020, according to the company.

“We at Samsung C&T are delighted, through our partnership with Whessoe, to access the impressive U.K. talent pool,” said Samsung C&T CEO Jung Yeon-joo. Founded in 1790, Whessoe is known for designing and building the world’s first commercial LNG terminal in 1962.