Samsung subsidiary absorbs solar business

The solar arm of Samsung has been shuffled into subsidiary, Samsung SDI, known originally for flat panel display manufacturing but more recently for lithium ion battery manufacturing.

Samsung said that the transaction, valued at approximately US$148 million was to ‘manage the company’s resources more efficiently and focus more on its key businesses.’Samsung SDI will take over the solar cell business on July 1, 2011.

Samsung said that its plans to invest US$5.5 billion in its PV business through to 2020 was is part of the long-term ‘Green Management Plan’ of the company.