Teems, Inc. cancelled the acquisition of chair manufacturing and distribution business from SIDIZ, INC.
December 12, 2018
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Teems, Inc. (KOSE:A134790) signed a contract to acquire chair manufacturing and distribution business from SIDIZ, INC. for KRW 32.5 billion on December 13, 2017. The chair manufacturing and distribution business reported total assets of KRW 34.1 billion as of October 31, 2017. As on December 13, 2017, the Board of Directors of Teems passed a resolution on the deal. The deal is expected to close on April 1, 2018. Osung Accounting Corporation is the external rating institution.
Teems, Inc. (KOSE:A134790) cancelled the acquisition of chair manufacturing and distribution business from SIDIZ, INC. on December 13, 2018.
Sidiz, Inc., formerly Teems, INC., is a Korea-based company mainly engaged in the manufacture of furniture for educational use. The Company produces desks, bookcases, chairs, sofas, lecture desks, tables, cabinets, sinks, experiment benches, beds, storage closets and others. Its products are used for ordinary libraries, ubiquitous computing libraries, ordinary classrooms, dormitories, lecture rooms, laboratories, research rooms and others. It also involves in the furniture processing business. The Company distributes its products within domestic market and to overseas markets. On November 15, 2013, it announced that Sidiz, Inc and four related parties acquired a 4.07% stake of the Company. After the transaction, Sidiz, Inc and the four related parties had a combined 50.50% stake in the Company.
SIDIZ.INC. 
