Foosung Co., Ltd. agreed to acquire remaining unknown minority stake in Foosung Advanced Materials Co., Ltd. for KRW 16 billion.
September 09, 2018
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Foosung Co., Ltd. (KOSE:A093370) agreed to acquire remaining unknown minority stake in Foosung Advanced Materials (Nantong) Co., Ltd. for KRW 16 billion on September 10, 2018. Consideration will be paid in cash. Post completion, Foosung Co., Ltd. will hold 100% stake in Foosung Advanced. During the financial year ended December 2018, Foosung Advanced Materials (Nantong) Co., Ltd. reported total assets of KRW 3.04 billion, net assets of KRW 3.02 billion and net loss of KRW 15.8 million. The transaction has been resolved by the Board of Foosung Co., Ltd. The transaction is expected to be completed on September 10, 2018.
Foosung Co Ltd is a Korea-based company principally engaged in the production and sale of basic compounds. The Company is engaged in the manufacturing and sale of refrigerant gases, special gases for semiconductor, secondary battery materials, among others. The Company's fluorides include refrigerants, blowing agents, blowing agents, cleaning agents and fluoride additives. The Company's special gases include semiconductor cleaning gases, etching gases and liquid crystal display (LCD) etchants. The Company's secondary batteries include electrolytic solvents for secondary batteries for automobiles. The Company distributes its products in the domestic and overseas markets such as America and Japan.
FOOSUNG CO., LTD. 
