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.