The Board of Hwaseung R&A Co., Ltd. completed the spin-off of automotive parts manufacturing business.
February 27, 2021
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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.
The Board of Hwaseung R&A Co., Ltd. (KOSE:A013520) completed the spin-off of automotive parts manufacturing business, excluding the industrial rubber product manufacturing and trading division on February 28, 2021. The new spun-off company will be named as 'Hwaseung R&A Co., Ltd. After the spin-off, Hwaseung R&A Co., Ltd. changed its name to Hwaseung Corporation Co., Ltd. and will run industrial rubber product manufacturing and trading division, management of subsidiaries, investment business divisions such as new business.
Hwaseung R&A Co Ltd is a Korea-based company mainly engaged in the manufacturing of automotive rubber parts. The Company mainly produces and sells automobile parts including air conditioning hoses, power steering return hoses, power steering pressure hoses, fuel hoses, radiator hoses, brake vacuum hoses, heater hoses, fuel filter hoses, hydraulic brake hoses and intercooler hoses, among other hose products; and weather strip products consisting of front glass moldings, hood and seal weather strips, rear glass moldings, door seal and drip weather strips, trunk lids and others.