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Chemical Week Magazine :: Business & Finance :: Asia/Pacific

Toray to acquire majority stake in Woongjin Chemical

6:52 AM MST | November 22, 2013 | —Deepti Ramesh

Toray Industries says its wholly owned Toray Advanced Materials Korea (TAK; Seoul) subsidiary has entered into an agreement 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 ($407 million). The transaction is expected to be completed in January 2014. Woongjin Holdings owns a 46.3% stake in Woongjin Chemical, which manufactures products such as high-performance fibers, reverse osmosis membrane filters for water treatment, and polyethylene...

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