Asahi Glass Co. of Japan has concluded a deal to take over Korea“s Hankuk Electric Co., a Braun tube glass manufacturer affiliated with the Daewoo group, the Nihon Keizai Shimbun reported on 31 Octob…
Asahi Glass Co. of Japan has concluded a deal to take over Korea“s Hankuk Electric Co., a Braun tube glass manufacturer affiliated with the Daewoo group, the Nihon Keizai Shimbun reported on 31 October. According to a recent report, Asahi Glass agreed to pay 15 billion yen (approximately 170 billion won) to acquire the Daewoo group“s entire stockholdings in Hankuk Electric. Daewoo companies including Orion Electric Co. and Daewoo Electronics Co. hold a total of 51% stake in the glass making unit. Hankuk Electric last year recorded 30.5 billion won in net profits, with a 10% share in the global market for glass used in TV picture tubes. By acquiring Hankuk Electric, Asahi Glass would step up as the world“s largest manufacturer in this specific sector, the report said. Final contract signing for the takeover deal is expected by mid-November.