Japan“s Asahi Glass Co. said it will acquire a majority stake in Hankuk Electric Glass Co. of South Korea later this month to become the world“s top maker of glass bulbs for cathode-ray tubes.
Asah…
Japan“s Asahi Glass Co. said it will acquire a majority stake in Hankuk Electric Glass Co. of South Korea later this month to become the world“s top maker of glass bulbs for cathode-ray tubes. Asahi Glass will pay some 18.3 billion yen for the glass bulb maker“s shares and convertible bonds equivalent to a combined 4,036,000 shares, company officials said. Through the acquisition, Asahi will increase its global market share for glass bulbs for CRTs from some 25% to about 35%. Hankuk Electric, a Gumi-based company of the Daewoo group, reported a recurring profit of some 2.9 billion yen for the business year ended in December, thanks to an increase in demand for glass bulbs for CRTs, used in television and computer monitors. Asahi Glass said it is placing priority on growing and globalizing its glass business, including that of glass bulbs. “The sale of Hankuk Electric shares related to the restructuring process of the Daewoo group, a large industrial group in South Korea, provided a timely opportunity for Asahi,” it said.