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Toray picks majority stake in Korean Woongjin Chemical
Nov '13
Toray Industries, Inc. announced that Toray Advanced Materials Korea Inc., its consolidated subsidiary in Republic of Korea, agreed on November 6 (Wednesday) with Woongjin Holdings Co., Ltd. and others to purchase a 56.2% stake in Woongjin Holdings’ subsidiary Woongjin Chemical Co., Ltd. for 430 billion won.

TAK had been given the preferential negotiation right regarding the acquisition of the shares in Woongjin Chemical on September 27 (Friday).

The Toray Group´s move to acquire the shares of Woongjin Chemical is in response to the start of the auction sale process of the 56.2% stake in the company in April this year by its parent Woongjin Holdings as part of the group´s revival measures against the backdrop of Woongjin Holdings´ financial difficulties.

TAK, which is purchasing the shares, is a diversified chemicals manufacturer and its predecessor is Toray Saehan Inc., a joint venture established in 1999 by Toray and Saehan of Korea. In 2010, Toray acquired the entire stake held by Saehan and made the company its wholly owned subsidiary.

Woongjin Chemical used to be known as Saehan, until it was acquired and renamed by the Woongjin group in 2008. As it used to be the same company as TAK prior to 1999, both companies have plants in the same premise and have close relationship even now, with Woongjin Chemical providing utility and welfare service to TAK.

TAK´s acquisition of a majority stake in Woongjin Chemical provides the Toray Group control of Woongjin Chemical´s main business of fibers and textiles as well as its water treatment filter business, which has grown in recent years and has been improving profitability.

Toray decided on the share acquisition on expectations that it would expand and enhance TAK´s business foundation while enabling strategic utilization of the company and generating synergies in the overall business development of the Toray Group.

Once the acquisition is completed, Toray will leverage Woongjin Chemical´s management and human resources as well as its technologies in pursuit of sales expansion of high value added products on a global basis through its integrated operation as part of Toray Group with the aim of maximizing synergies from the share acquisition.

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