Samsung SDI to merge Cheil Industries

Samsung SDI Co., the world's top maker of TV displays and smartphone batteries, said Monday it has merged with Cheil Industries Co., a Samsung affiliate that produces electronic chemical materials among others.

Samsung SDI's market capitalization is estimated to have increased to 10 trillion won (US$9.37 billion) through the acquisition, with 14,000 employees and a net asset of 15 trillion won, industry watchers said.

Samsung SDI said it aims to beef up its business portfolio through synergistic cooperation between its technological capability in batteries and display sectors and Cheil's materials businesses. (Yonhap)