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Toray to acquire majority stake in Woongjin Chemical for $402 million

10:47 AM MST | November 14, 2013 | Deepti Ramesh

Toray Industries says its wholly owned Toray Advanced Materials Korea (TAK; Seoul) subsidiary entered into an agreement on 6 November with Woongjin Holdings (Seoul) and other stakeholders to acquire a 56.2% stake in Woongjin Chemical (Seoul), a subsidiary of Woongjin Holdings, for 430 billion South Korean won ($402 million). Woongjin Holdings owns a 46.3% stake in Woongjin Chemical. Woongjin Chemical, which was established in 1972, manufactures and sells products such as high-performance fibers, reverse osmosis membrane filters for water treatment, and...

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