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S. Korea’s Hankook Technology buys automotive electric parts maker

Collected: 2017.12.02

Distributed: 2017.12.04

Source: Go Direct

South Korea’s automotive navigation system developer Hankook Technology Inc. will buy full ownership in automotive electric parts maker Tinnos Inc. at 16.2 billion won ($15 million).

Hankook Technology said on Friday it has signed a contract to acquire entire 2,290,098 shares in unlisted Tinnos at 7,072 won apiece.

Established in March 2005, Tinnos engages in the development of in-vehicle infotainment, a collection of hardware and software in automobiles that provides audio or video entertainment. It shipped 300,000 units of its products to Beijing Hyundai Motor Co. as its first-tier supplier last year. It recently succeeded in developing an advanced driver assistance system, which is essential for autonomous vehicles, and an electronic instrument cluster to start supplying to major global auto makers next year. It also won license for its system for connected cars from Apple and Google, which is rare for a Korean small-scaled firm.

Shares of Hankook Technology closed 18.2 percent up at 2,500 won from the previous session.

By Ahn Byung-joon and Lee Ha-yeon

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