Union Corporation completed the acquisition of 52.17% stake in Ssangyong Materials Corp. from Ssangyong Cement Industrial Co., Ltd. for KRW 79.2 billion.
March 13, 2017
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Union Corporation (KOSE:A000910) agreed to acquire 52.17% stake in Ssangyong Materials Corp. (KOSE:A047400) from Ssangyong Cement Industrial Co., Ltd. (KOSE:A003410) for KRW 80.1 billion on December 22, 2016. Union Corporation will acquire 21.9 million shares in Ssangyong Materials Corp. 10% of transaction amount has been paid has deposit on signing of contract and remaining will be paid at closing. Total consideration will be paid in cash and funded from retained funds and borrowings. As of March 14, 2017, Lee, Woosun from Union Corporation was appointed as Chief Executive Officer along with Kim, Jin-Young. Board of Directors of Ssangyong Cement Industrial Co., Ltd. made a resolution in favor of the transaction on December 22, 2016. The stocks will be transferred on March 14, 2017. Ssangyong Cement Industrial Co., Ltd will use the proceeds for improving financial structure. Samil PricewaterhouseCoopers arranged the auction. Hyundai Accounting Corporation acted as external rating institution in the transaction.
Union Corporation (KOSE:A000910) completed the acquisition of 52.17% stake in Ssangyong Materials Corp. (KOSE:A047400) from Ssangyong Cement Industrial Co., Ltd. (KOSE:A003410) for KRW 79.2 billion on March 14, 2017. Union Corporation amended the transaction price and paid the balance payment.
Union Materials Corp., formerly Ssangyong Materials Corp. is a Korea-based company engaged in the manufacture of ferrite magnets and fine ceramic products. The Company operates its business through three divisions: ferrite division, ceramic division and compatibility tools division. Its ferrite division engages in the manufacture of ferrite magnets, including arc type magnets and rectangular type magnets mainly used for automobile motors. Its ceramic division engages in the manufacture of fine ceramic products, including cutting tools, such as ceramic cutting tools, cermets cutting tools, polycrystalline cubic boron nitrides (PCBNs) and ploy crystalline diamonds (PCDs), tool holders, milling cutters, end mills and drills, and hydraulic expansion chucks, and industrial ceramics, such as faucet discs, ferrule for fiber optics, metalized parts, bio-ceramics and others. Its compatibility tools division provides special tools.
Union Corporation completed the acquisition of 52.17% stake in Ssangyong Materials Corp. from Ssangyong Cement Industrial Co., Ltd. for KRW 79.2 billion.
UNION MATERIALS CORP. 
