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Biz News Korea(Eng)
Hanhwa Group dropped from the race for U.S. parts supplier CSP
- Collected
- 2016.08.24
- Distributed
- 2016.08.25
- Source
- Go Direct
Hanhwa Advanced Materials Corp., a material unit of Hanwha Chemical Corp., joined the bid for the Michigan-based composite materials supplier to global automakers around the world that also included BASF, Japan’s Mitsubishi Chemical and a China-based investment company. It lost by offering lower bid price. Another Korean company LG Hausys also struck out. A preferred bidder would be announced within the month. BASF and unnamed Chinese company each offered $800 billion.
“BASF and the Chinese investment company reportedly offered more than $800 million while local players kept the market estimated cost of $500 million to $600 million,” a source close to the deal said.
CSP supplies parts to all three U.S. big three automakers - General Motors, Ford Motor Company and Chrysler. It specializes in lightweight materials including carbon fiber and car panels and recorded sales of $550 million last year. The bid exceeded market expectations due to heated competition.
Despite the upset, Hanwha plans to continue to expand by looking for M&A opportunities in materials.
The group bought current Hanwha General Chemical Co. and Hanwha Total Petrochemical Co. from Samsung Group last year. Before that, the group bought Germany-based Heycoustics, supplier of noise-absorbing wheel arch liners and underbody shield to German carmakers.
By Kim Jung-hwan and Kim Hyo-hye
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]