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Biz News Korea(Eng)
Samyang said in its regulatory filing on Friday it signed an agreement to acquire a 44.2 percent stake in KCI.
Founded in 1985, KCI is a Kosdaq-listed firm that manufactures chemical materials used to make hair products and cosmetics. Last year it generated an operating profit of 8.2 billion won on sales of 44.3 billion won. More than 80 percent of its revenue comes from global beauty companies such as L’Oreal and Unilever. One of its mainstay items is polymer, in which it commands the second largest global market share.
Samyang operates in two business areas, its food division mainly involved in sugar and flour and its chemical division in engineering plastic and PET containers. Last year it earned 147.3 billion won in operating profit on sales of 2 trillion won. In the first nine months of this year, it raked in a profit of 76.5 billion won and sales of 1.55 trillion won.
A Samyang official said the acquisition is part of a companywide effort to strengthen existing operations and accelerate new businesses.
On Friday, KCI shares ended at 11,000 won, up 4.76 percent from the previous session. Samyang shares closed up 1.43 percent at 92,300 won.
By Moon Ji-woong and Kim Hyo-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]