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LG-affiliated Jiheung to be sold to new owner

Collected: 2017.12.11

Distributed: 2017.12.12

Source: Go Direct

Korean auto parts maker Jiheung Co. which is affiliated with LG Group, will sell off its sensor business to Dongyang Sensor Co., a decision believed to be in compliance with the government’s stronger watch on cross-affiliate transactions in family-controlled conglomerates.

Jiheung is wholly owned by Koo Hyung-mo, manager at LG Electronics Inc. and the eldest son of LG Corporation vice chairman Koo Bon-jun. Jiheung has been subject to the anti-trust laws to prohibit profiteering by conglomerate owners and their family members.

According to the Financial Supervisory Service’s electronic disclosure system on Sunday, Jiheung signed a contract to transfer its automotive sensor business and related asset to Dongyang Sensor for 2.5 billion won ($2.28 million). But the deal means an entire ownership change because Jiheng’s staple business is sensor manufacturing in automotive applications.

Jiheung’s board also decided to sell the company’s 45 percent stake in Sention Co., a developer and manufacturer of automotive semiconductor systems, for 1.18 billion won. Jiheung is the second largest shareholder in Sention behind Sejong Industrial Co.

Jiheung established the joint venture in 2014 and acquired automotive sensor business from GNS Solitech Co., a car engine part maker, for 3.2 billion won.

By Chung Seung-hwan and Minu Kim

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