The Board of Hwaseung R&A Co., Ltd. (KOSE:A013520) announced the spin-off of automotive parts manufacturing business, excluding the industrial rubber product manufacturing and trading division on September 28, 2020. Following spin-off, Investment business such as manufacturing and trading of industrial rubber products , management of subsidiaries and investment in new business with Hwaseung Corporation Co., Ltd. (tentative name) and Auto parts manufacturing business will be named Hwaseung R&A Co., Ltd. (tentative name). On February 5, 2021, the division plan was approved and resolved at the general shareholders' meeting of Hwaseung R&A Co., Ltd. The transaction is expected to close by February 28, 2021.