Youngheung Iron & Steel Co., Ltd. agreed to acquire packing material business from Synopex Inc. for KRW 15.3 billion.
August 11, 2014 at 09:30 am IST
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Youngheung Iron & Steel Co., Ltd. (KOSE:A012160) agreed to acquire packing material business from Synopex Inc. (KOSDAQ:A025320) for KRW 15.3 billion on August 11, 2014. On August 11, 2014, Youngheung's Board of Directors passed a resolution for the transaction. The transaction is expected to close on October 10, 2014.
As on September 26, 2014, the expected closing is scheduled on September 26, 2014.
YoungWire Co Ltd, formerly Young Heung Iron & Steel Co Ltd, is a Korea-based company engaged in the manufacturing of steel products. The Companyâs products consist of wire ropes, such as cross laid wire ropes, parallel laid wire ropes, non-rotating ropes, compacted wire ropes, swaged wire ropes, elevator wire ropes and others; wires, cables, low relaxation (LR) strands, prestressed concrete (PC) steel strands and cold drawn steel bars. In addition, the Company also produces automobile parts, such as coil springs and leaf springs. It also engages in the logistics business such as unloading, road freight, and transportation, as well as eco-friendly antirust packaging materials business. The Company distributes its products within domestic market and to overseas markets.