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Biz News Korea(Eng)
LG Household & Health Care to acquire Tai Guk Pham shares at $40 mn
- Collected
- 2017.11.03
- Distributed
- 2017.11.06
- Source
- Go Direct
![[Photo by LG Household & Health Care Ltd.]](http://file.mk.co.kr/meet/neds/2017/11/image_readtop_2017_726806_15096054293085636.jpg)
[Photo by LG Household & Health Care Ltd.]
LG Household & Health Care in a regulatory filing on Thursday that it decided to purchase 18,446,452 shares or an 80 percent stake in Tai Guk Pham at 44.6 billion won from the drug manufacturer. The 80 percent stake is equivalent to 1.7 percent of Tai Guk Pham’s net worth as of Dec. 31, 2016.
The cosmetics company expects its latest investment would help expand its reach in the rapidly growing dermo-cosmetic market. It also plans to set up a production management center for quasi-drugs and over-the-counter drugs to boost production and improve product quality.
Established in 1976, Tai Guk Pham is a pharmaceutical company that mainly produces over-the-counter drugs such as ointment and cream for dermatology treatment. It has three plants in Korea, which all are certified under the government’s drug manufacturing standards. For full-2016, it registered an operating profit of 2.5 billion won on sales of 60 billion won.
Tai Guk Pham owns nearly 600 licenses in prescription-based and over-the-counter drugs as well as excellent manufacturing facilities, said an LG Household & Health Care official. The company plans to leverage Tai Guk Pham’s assets to expand its global presence and boost brand value.
Shares of LG Household & Health Care closed Thursday at 1,149,000 won, down 12,000 won or 1.03 percent from the previous session.
By Kang Da-young and Cho Jeehyun
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