Report: Samsung selling corporate aircraft in efficiency drive (dpa German Press Agency)

Seoul (dpa) – Samsung Electronics Co is trying to sell nine of its
private aircraft as part of a drive to reduce excessive spending and
improve efficiency, a news report said Friday.

The electronics giant has approached Korean Air Lines Co over the
possible sale of two Boeing 737s and a Bombardier 700, Yonhap News
Agency reported, cited unnamed company officials.

It was also in talks to sell six of its seven helicopters to a Korean
Air subsidiary, Korea Airport Service Co, the report said.

“The management has decided to dispose of assets that are less
related to the business,” the official was quoted as saying, adding
that no deal has yet been finalized.

The sell-off is seen as part of the efficiency drive led by vice
chairman Lee Jae Yong, the report said.

The company has seen its position as world number one maker of
smartphones under threat at the top end from Apple and in lower
market segments from Chinese and Indian manufacturers.

Lee’s father and head of South Korea’s richest chaebol, or
conglomerate, has been bedridden since a heart attack in May 2014,
putting the son, 47, effectively in charge.

The group has been undergoing restructuring in what observers have
interpreted as preparations for a formal succession of leadership,
Yonhap said.

The younger Lee is known for eschewing the trappings of corporate
travel and using commercial planes for his business trips, it said.

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