Sungwoo Hitech Co., Ltd. cancelled the acquisition of 60.05% WMU Beteiligung GmbH.
June 23, 2015 at 12:00 am EDT
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Sungwoo Hitech Co., Ltd. (KOSDAQ:A015750) agreed to acquire 60.05% WMU Beteiligung GmbH for KRW 16.6 billion on June 23, 2014. The Board of Directors' passed the resolution on June 23, 2014. For the year ended on December 31, 2013, WMU Beteiligung reported total assets and shareholders' equity of KRW 36 million. The transaction is expected to complete on June 24, 2013.
Sungwoo Hitech Co., Ltd. (KOSDAQ:A015750) cancelled the acquisition of 60.05% WMU Beteiligung GmbH on June 23, 2015.
SUNGWOO HITECH CO., LTD. is a Korea-based original equipment manufacturer (OEM) principally engaged in the provision of automobile components. The Companyâs products include bumper rails, side members, fender apron completes, center floor completes, hood assemblies, dash completes, floor panel components, package-tray centers, inner lowers, side sills, center pilers and others. It also involves in the distribution of steel products. The Company mainly distributes its products to Hyundai Motor Company, GM Daewoo Auto & Technology Company, KIA Motors Corporation and others.