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Hyundai Livart to absorb Hyundai H&S

Collected: 2017.09.19

Distributed: 2017.09.20

Source: Go Direct

Hyundai Livart Corp., a manufacturer and distributor of furniture under South Korea’s Hyundai Department Store Group, said in a regulatory filing on Monday that it will merge with Hyundai H&S Co., an unlisted affiliate and retailer of industrial and construction resources for businesses. The merger on December 5 will be based on the ratio of 1:3.2736321.

In 2016, Hyundai H&S, a business-to-business unit under Hyundai Department Store, raised 10 billion won ($8.87 million) in operating income on sales of 530 billion won. The merger will allow Hyundai Livart to expand into a company that generates 53 billion won in operating income and 1.3 trillion won in sales. It will also help strengthen Hyundai Livart’s competitiveness in construction materials sourcing as well as interior and overseas business sectors through knowhow gained by Hyundai H&S in construction and materials retail sector.

An unnamed official from Hyundai Livart said that the merger will provide an opportunity for the company to become a comprehensive interior company.

Shares of Hyundai Livart closed Monday 10.8 percent lower at 23,700 won ($21.01).

By Ahn Gab-seong

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