Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
SM Group moves to Magok district in western Seoul
By Lee Hyo-sik
Samra Midas (SM) Group, a mid-sized conglomerate focusing on construction and shipping, said Friday that it will move its headquarters and research and development centers to the Magok Industrial District in western Seoul in February.
The group, which operates 17 affiliates, is building its 12-story headquarters building on a 2,991-square-meter site.
Its chemical, shipbuilding, manufacturing and other units will move to its new Magok headquarters, while its construction affiliates will remain at the group’s building in Yeongdeungpo District, western Seoul, where they are now.
SM began as a construction firm in 1988 and has expanded into shipping, chemical materials, cosmetics, auto parts and other sectors over the years by acquiring companies. The group has been interested in purchasing companies that went bankrupt and were under court management.
Among others, it acquired TK Chemical and Woobang in 2008, and Korea Line, the country’s fourth-largest shipping firm, in 2013.
A group spokesman said the company will continue to acquire other firms in order to become one of Korea’s top 20 conglomerates. He said SM is particularly interested in pharmaceuticals, healthcare, and hotel and leisure businesses.