Sangsin Brake Co., Ltd. cancelled the acquisition of Sangsin Brake Co., Ltd.
July 25, 2018
Share
Sangsin Brake Co., Ltd. (KOSE:A041650) agreed to acquire Sangsin Brake (Wuxi) Co., Ltd. for KRW 11.2 billion on July 25, 2017. The consideration will paid in cash. After completion of the transaction, Sangsin Brake Co., Ltd. will hold 100% stake in Sangsin Brake (Wuxi) Co., Ltd. For the year ended December 31, 2016, Sangsin Brake (Wuxi) Co., Ltd. had total assets of KRW 93.36 billion, sales of KRW 91.62 billion and net loss of KRW 3.87 billion. The transaction was resolved by the Board of Sangsin Brake Co., Ltd. on July 25, 2017 and is expected to close on August 11, 2017.
Sangsin Brake Co., Ltd. (KOSE:A041650) cancelled the acquisition of Sangsin Brake (Wuxi) Co., Ltd. as of July 25, 2018.
SANGSIN BRAKE is a Korea-based company principally engaged in the manufacture of automobile components. The Company operates its business through two segments: brake friction materials segment and equipment segment. Its brake friction segment engages in the manufacture of brake friction materials, including brake pads, brake shoe assemblies, brake assemblies and linings for passenger cars, trucks, buses and others under the brand name Hi-Q and HARDRON. Its equipment segment engages in the manufacture of friction materials manufacture equipment. The Companyâs main clients are Hyundai Motor, Tata Deawoo Commercial Vehicle, Dymos Incorporated, Hyundae Mobis, Mando Corporation, Korea Delphi Automotive Systems Corporation, GM KOREA COMPANY and others.
SANGSIN BRAKE CO., LTD. 