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Biz News Korea(Eng)
IMM Investment to buy waste treating firm EMK for $338 mn
- Collected
- 2016.11.25
- Distributed
- 2016.11.28
- Source
- Go Direct
According to sources from the investment banking industry on Thursday, IMM Investment decided to take over EMK owned by JP Morgan Asset Management for 400 billion won, almost half of which will be funded from IMM Investment’s blind fund. The remaining will be raised through loans from financial institutions. The two companies signed a contract on Thursday and agreed to complete the deal by early next year.
JP Morgan Asset Management established EMK in 2009 as an investment company focusing on waste treating companies. EMK not only discards waste but also recycle waste materials including conversing waste heat to energy sources to produce warm water, hot steam and electricity. It posted 10.3 billion won in operating profit and 68.1 billion won in sales on a consolidated basis last year. Market analysts estimated its sales would reach 90 billion won this year.
The waste treating firm offers comprehensive waste treatment solutions through its six affiliates including Vinotec that it bought in June 2010, EMK Seung Kyung, Korea Environmental Development Co. and Dana Energy Solution Co.
By Song Gwang-sup
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]