Foosung Co., Ltd. cancelled the acquisition of 51% stake in Foosung Technologies Co., Ltd.
June 14, 2018
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Foosung Co., Ltd. (KOSE:A093370) agreed to acquire a 51% stake in Foosung Technologies (Nantong) Co., Ltd. for KRW 23.7 billion on June 15, 2017. Additionally, Foosung Co., Ltd. agreed to invest an amount proportional to its currently owned stake in Foosung Technologies (Nantong) Co., Ltd. among the total of the amount Foosung Technologies (Nantong) Co., Ltd. is raising for the expansion of secondary battery electrolytes. For the year ended December 31, 2016, Foosung Technologies (Nantong) Co., Ltd. had total assets of KRW 37.6 billion, sales of KRW 12.96 billion, and net profit of KRW 1.33 billion. The transaction was resolved by the Board of Foosung Co., Ltd. on June 15, 2017 and is expected to complete on July 6, 2017. As of July 6, 2017, the expected closing date has been changed to July 31, 2017. As of July 31, 2017, expected closing date has been changed to August 31, 2017.
Foosung Co., Ltd. (KOSE:A093370) cancelled the acquisition of 51% stake in Foosung Technologies (Nantong) Co., Ltd. on June 15, 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. 
