Samsung Engineering has acquired a 24 percent stake in water treatment company Dong Nai Plastic Water for 52.7 billion Korean won (US$40.57 million).
The ceremony to sign the deal was held at the Intercontinental Landmark Hotel in Hanoi, and attended by executives from both companies, including Samsung Engineering Executive vice president GyuYeon Kang and DNP Water chairman Ngo Duc Vu.
With this acquisition, Samsung Engineering holds a 24 percent stake in DNP Water, DNP Holding owns 53 percent and other stakeholders have 23 percent.
DNP Water is a private enterprise that focuses on water supply business in Vietnam and is the largest private water treatment company in terms of capacity.
It was spun off from the DNP Group, a manufacturer of plastic pipes, in 2017.
Since then it has been growing in the water treatment business by buying private water supply assets and developing new businesses.
(From L) Nguyen Van Hieu, DNP Holding CEO, Kang Gyu-yeon, Samsung Engineering EVP and Ngo Duc Vu, DNP Water Chairman at the signing ceremony. Photo by Samsung Engineering
The Asian water treatment market is shifting from a loan business to a private-led market due to recent economic developments. Accordingly, Samsung Engineering plans to actively target the Vietnamese market as a base.
Samsung Engineering has confidence that its rich EPC experience and global technology expertise in water treatment and DNP Water’s experience and network in Vietnam’s water supply industry have synergies for future businesses.
The stake in DNP Water enables Samsung Engineering to get access to Vietnam’s water and sewage treatment businesses and thus expand its business in this important market.
Further, based on such regional competitiveness, Samsung Engineering plans to expand into Vietnam’s sewage treatment businesses before expanding this model to neighbouring Asian countries.
GyuYeon Kang, its executive vice president, said, “Aligned with the recent global environmental, social, and governance (ESG) trend, our environmental business is positioned as one of our company’s future growth engines.
“Samsung Engineering plans further to grow in global environmental markets such as in Asia by setting an example with our environmental businesses in Vietnam.”
Samsung Engineering is one of the world’s leading EPC&PM companies, and has served clients in a variety of industries such as oil refining, gas processing, petrochemicals, infrastructure, environment, and bio-industry, and providing professional services across the project cycle ranging from professional feasibility studies to design, procurement, construction, commissioning, maintenance, and operation.
Samsung Engineering has completed more than 1,000 projects worldwide.
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