Sungwoo Hitech Co., Ltd. acquired additional 50% stake in Sungwoo Gestamp Hitech Limited from Gestamp Automoción, S.L.
April 30, 2014 at 09:30 am IST
Share
Sungwoo Hitech Co., Ltd. (KOSDAQ:A015750) agreed to acquire additional 50% stake in Sungwoo Gestamp Hitech (Chennai) Limited from Gestamp Automoción, S.L. on April 10, 2014. Under the terms of the deal, 31.5 million shares will be acquired. After the transaction, Sungwoo Hitech will hold 95% stake in Sungwoo Gestamp Hitech. The contract signed on April 11, 2014. As of recent business year of Sungwoo Gestamp Hitech, total assets were KRW 93.9 billion, total liabilities were KRW 63.7 billion and total stockholders' equity was KRW 30.2 billion. The contract was resolved at the meeting of Board of Directors of Sungwoo Hitech on April 10, 2014.
Sungwoo Hitech Co., Ltd. (KOSDAQ:A015750) completed the acquisition of additional 50% stake in Sungwoo Gestamp Hitech (Chennai) Limited from Gestamp Automoción, S.L. on April 30, 2014.
Gestamp Automocion SA is a Spain-based company primarily engaged in the auto parts manufacture. It focuses on the design, development and production of metal components and structure systems for the automotive industry. The Company's products portfolio includes skin panels and closure parts, structural and body components, chassis, bumpers and dashboard crossbeams, among others. The Company's customers include Volkswagen, Renault-Nissan, PSA, Daimler, General Motors and BMW, among others. The Company is a parent of the Gestamp Automocion Group, a group, which comprises a number of subsidiaries with operations established in North and South America, Europe and Asia. The Company is controlled by Acek Desarrollo y Gestion Industrial SL.
GESTAMP AUTOMOCIÓN, S.A. 
