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SEOUL, March 19 (Yonhap) -- Samsung C&T Corp., a South Korean trading and construction company, said Tuesday that it has acquired Whessoe Projects, a British gas and oil storage tank manufacturer.
Samsung C&T took over Whessoe Projects, which has been based in Darlington since 1790, in an effort to secure a new growth engine and expand its presence in overseas markets, the company said in a statement.
Samsung C&T did not disclose the value of the deal, but it is estimated at 20 billion won (US$18 million), according to industry sources.
The acquisition will help Samsung C&T diversify its overseas markets to Europe and North Africa from Asia and the Middle East in the mid- to long term, the company said.
The gas and oil storage tank market is expected to grow to $50 billion by 2020 thanks to the rapidly growing shale gas and urban developments, Samsung C&T said. Shale gas is natural gas deposited in shale formation.
Shares of Samsung C&T rose 3.41 percent to 66,900 won as of 9:49 a.m. on the Seoul bourse.
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