February 16, 2000 in Social Responsibility News

SAMSUNG Forms Alliance with UOP of U.S.

Samsung Engineering Co. said yesterday it has formed a comprehensive strategic alliance with UOP of the United States, a global leader in process technology. Company president Yang In-mo signed the agreement on Monday with Michael Winfield, president of UOP, at the UOP headquarters in Des Plaines, Illinois, the company said. A Samsung Engineering spokesman said his company expects the tie-up will drastically sharpen its competitive edge in the plant business and thus broaden its reach to the world market. He said that under the alliance, Samsung Engineering will take part in UOP's drawing of a basic design package while the two companies will team up with each other in fund-raising and marketing activities to win turnkey projects. In particular, the agreement calls for a combination of a Samsung-developed design software, dubbed "Hydromaster" (hydraulic calculation simulator), with UOP's process simulator to maximize the two companies' technical cooperation, he said. He said it marks the first time an Asia-based company has established such a comprehensive tie-up with UOP, an international supplier and licensor of process technology, process plants and technical services to the petroleum refining, petrochemical and gas processing industries. The consolidation of UOP's source technology and Samsung's know-how of design, procurement and construction is also expected to brighten chances of the two companies jointly receiving oil refining- and petroleum-related large-scale orders, he said.


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