Sae-A Trading Co., Ltd agreed to acquire Plant business sector from STX Heavy Industries Co., Ltd for KRW 16.1 billion.
March 13, 2018
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Sae-A Trading Co., Ltd agreed to acquire Plant business sector from STX Heavy Industries Co., Ltd for KRW 16.1 billion on March 14, 2018. Sae-A Trading is acting as stalking horse bidder. In related transaction, Pinetree Partners, L.P will acquire Engine equipment, tools, and material business sector from STX Heavy Industries Co., Ltd for KRW 97.7 billion on March 14, 2018. As per the amendment report on July 13, 2018, the acquisition amount has been revised to KRW 18 billion. As announced on July 23, 2018, a new company named Sae-A STX Entech Co., Ltd. has been established which now owns the plant business department and some non-operational assets. The transaction is resolved by the Board of Directors of STX Heavy Industries Co., Ltd on March 14, 2018.
STX Heavy Industries Co., LTD is a Korea-based company mainly engaged in the manufacture of ship engine components. The Company operates its business mainly through engine component segment and shipbuilding material segment. Its engine component segment mainly produces diesel engine components, including cylinder blocks, crank shafts, cylinder liners and turbochargers, cylinder heads, pistons, cam shafts and connecting rods, which are used in ships and power generators. Its shipbuilding material segment provides cargo oil pump systems, liquefied natural gas carrier (LNGC) insulation boxes, heavy fuel oil (HFO) supply system units and purifier units. On December 3, 2013, KDB and KOREA FINANCE CORPORATION respectively subscribed 15.99% and a 3.90% stake in the Company. After the private placement, KDB and KOREA FINANCE CORPORATION became the Company's top shareholder, replacing STX Engine Co,.Ltd and four related parties, which held a combined 61.94 pct stake in the Company.
STX HEAVY INDUSTRIES CO., LTD. 